Good observation. CS and Citi were underwriting the offer. They typically require a sizable discount to current fair value to place an offering of this size. Key catalyst will be additional color on the data set during DDW in May. Stock will easily go up to $8. Under $5.50 this is a buying opportunity. Newsflow is limited but that is typical of biotech development companies like SGYP.
I agree the macro view changes, but institutions are buying SGYP because of the fundamentals, not on today's news. Also, the money managers that are buying large blocks of SGYP don't trade them like smaller retail traders, it's a different strategy. Otherwise you would see tremendous volume.