$3 per share means that the market thinks this is worth 3 bucks. how did it get to 4.75? the underwriter runs it up and a few helpful SA articles helped.
now it will settlle back down to the high 2's where it came from.
I think you're right, somewhere around $ 3.00. I wonder why $ 3.00 ( not 4 ) offering ? OrbiMed knew something we don't know ? why management talked CLARIFICATION on Monday when it was @ $ 5 ? something's very funny, very fishy ? !!!