GS continues to have the clowns at EXEL under their thumb. Agree the CFO is severely lacking in business acumen. I'm sure he fine at bean counting, but is clearly clueless when it comes to the likes of how the game works in public financing ;-)
If the CEO and CFO were ousted and replaced with a couple of competent business minded people (read: CEO of ONXX), you can bet the PPS would shoot up big time. That's a fact. Why? because GS would cover all those short shares like a bat outta hell knowing EXEL would no longer be an "open book".
As it stands now, GS will continue to control the PPS and use EXEL as an ATM machine. Seen it hundreds of times during my 25 years in the stock biz. EXEL will continue to languish near lows with the occasional 20% pops. It's a very nice vehicle :)