It is highly unusual for a small biotech like Biosante, especially a Canadian one, to attract giants like Merrill Lynch and Wells Fargo. I have a feeling some of the buyers are from China. If nothing else, speculation should drive this up.
Sigh, if I could only be buy and hold: I first bought YMI in the .30s and SSN in the .20s, but sold for decent, but not spectacular profits.
Just listened to today's CC and it was brimming with optimism. The fact that the offering was oversubscribed, despite no discount and no warrants is highly encouraging.
I doubt any of the institutional buyers will be flipping shares as the intermediate and long-term prospects are enormous. If Wall St ever gets behind this company the price trajectory could be fast and furious.