Tomorrow is going to be a mad rush to sell.
Sentiment: Strong Sell
lets see $55 mil to create a drug worth mabe 1 t0 2 bil a year for next 5 years, sounds like a bargain the best you ever had
There are not retail brokers with stock expertise any more - they are asset gatherers getting paid for assets under management. No payout on transaction business - position building a thing of the past.
Does your broker have a copy of the prospectus? I highly doubt that unless he works at JP Morgan that is book managing this deal.
Also, for the px of the stock to go down to $6.65 would mean that KERX is offering their shares at a 40% discount, which doesn't make sense, simply because Zenerex has had a positive phase 3.
IF anything, the shares have been offered at a slight discount to balance out dilution and encourage purchases of large blocks.
All in all a $55mm raise for a $500 mm market cap biotech isn't too bad, stock will definitely dip into the 7's but will rise towards high 8's and possibly break the $9 mark by end of week.
You should sell ASAP and never look back.