offering a good thing on balance
This was a very positive move despite the pain to current shareholders. The stock was down 12% this week, bad but not catastrophic. The company picked up a hoard of cash and will be able to both have the freedom to fund trials and will also be in a position to only do a deal that is very favorable, not because they need the cash.
The low of $13.66 was still 14% above the offering price and the stock is a screaming buy here. I think there was some shorting by the institutions getting a piece of the offering. Short the stock in the high $13's or low $14's and then cover with the $12 shares you'll get from the company.
It's a couple of bucks a share of free money. Hopefully some of the brokers will do their part in the unspoken bargain and write a good report and stick a buy rating on the stock. A couple of the underwriters don't currently cover the stock.
If you have the funds I suggest taking advantage of these screaming buy prices and realize what happened is the company just got a lot stronger. This was an offensive offering to help ensure long term value, not a defensive offering because they needed the cash.