Markets like "knowns"
The unkown of more dilution is now known.
After-market trades last night did not show a huge drop (low was 7.60, big blocks went at 7.85/7.92)
Pre-market today is starting ok - 7.90 or so.
Unless the pricing was low (less than 7 or so) - I think we'll be just fine - wouldn't be surprised if we end above 8 for the week.
Great point. I've been looking at the calendar wondering how cash raising would play out this year. The assumption most would say was after Comet data was released. So while surprising at the timing, it's also not. EXEL can't know exactly how the Comet interim data will appear . But they do know Cometriq is a very active compound in some very big Phase 3 indications. And that Cobimetinib has a very high likelyhood of success. Why risk a cash crunch that sidetracks all this opportunity when you don't have to? Seems like a pretty astute move. Market apparently agrees.
My point is that COMET1 trial is now closed to accrual and it has been open for a bit by now, meaning that the patients enrolled close to the beginning had already a number of scans and other parameters done and I am sure EXEL watched them very closely. For the statistical significance, EXEL must have already some preliminary data by now, for sure, to see which way it goes. Morrisey was a bit too vague and rode on the Phase II results too heavily in my opinion.