You are right on outstanding shares. When I owned exel, they were a little over 100M shares oustanding. Recently there were 12mill shares offered. I too am curious as to how their outstanding shares increased abruptly. It was my main reason for dumping EXEL. Getting into their balance sheets, their income decreased for the past 3 years. Just recently there were two issuance of shares. My math tells me exel should have 122Million OS. Something doesn't add up here. I have seen too many upcoming companies raised cash at the shareholders expense and got nowhere. I know that EXEL is an upcoming Company, there are many trials ahead and many millions more in cash would be needed.
It is my believe that EXEL is overvalued based on OS and will continue to dilute towards capturing the Cancer arena. There are also many others who may reach their goals ahead of EXEL. Two dilution in the past year and they are nowhere close to FDA approvals, These are my reasons for dumping EXEL.
Wilder, understandly, many Companies have asked shareholders for increasing their number of shares citing the same thing as preventing a hostile takeover. I am all for exel to be a winner. I have suspiscious reservations regarding any Company who have issued shares 2 times in a year and being far off from FDA approvals while many trials are pending . Priority lies with going it alone, for EXEL, thus diluting shares for future trials. Remember EXEL was a darling when it had revenues coming it, it helped offset cost of trials. Today priority lies with exel cash balance to complete their trials . At this rate of Issuance of shares, exel may have over 200M -300M OS before even being considered for FDA acceptance for approvals. Many more times of diluting if EXEL doesn't get a partnership going. PPS will suffer, unless Insiders hold all those new Issuance. Good luck, will be watching, short interest are not making it any better.