Check my previous posts! I nailed this baby many months ago when I said it was significantly overvalued and that the existing shareholders were going to end up being diluted within the next 8 - 12 months. Good due diligence always pays off.
I'll let it settle. It would surprise me if it falls below $5. They had a weak balance sheet and their cash burn was running very hot. The cash cost to get to a major milestone was going to be an additional $30 to $60 million. The had no major pharma company willing to fund the risk especially considering the competition in their area of focus is crowded with 500 lb gorillas (Gilead).