I had penciled in a note to myself offering at 10.50. Look at 10 day chart of candles from 9.60 ish to 11.25 ish then take average = 10.40 ish. As I stated yesterday Fund Managers and Institutions want in. End of story, writting on the wall very strong support now at 10.40. Have faith in Will he knows what and how to do it, bet against and you will loose your money.
SSH...I agree with you re: WL. I do believe he is both friend to shareholder and funds/institutions. I was a little surprised for the offering to take place this early, but it makes a lot of sense in hindsight. Companies have to plan ahead, and by putting an additional $62M in the bank, many future doubts are removed and Insmed is unencumbered financially for quite a while.
I think with the signals that FDA has been giving the tea leaves are being read to say pretty good odds of an FDA filing for CF based on EMEA and HC PIIIs, and good signals of support for NTM. Certainly not guaranteed, but a good bet.
Just talked to my buddy at MS -he said we`re going higher today for sure.He also said that in his experience he`s never seen an offering of a Bio stock not go out at a major discount to market,says INSM looks awesome here,I have to agree,I thought we`d go down from this offering,but I was wrong.I`m more than happy to be wrong and make money in the process.Go INSM !!!!
"MONMOUTH JUNCTION, NJ, Jul 17, 2013 (Marketwired via COMTEX) -- Insmed
Incorporated (NASDAQ: INSM) ("Insmed") announced today that it priced an
offering of 6.0 million shares of its common stock at a price of $10.40 per
share in a registered underwritten public offering for gross proceeds totaling
$62.4 million. All of the shares in the offering are being sold by Insmed. Net
proceeds to Insmed from this offering are expected to be approximately $58
million, after deducting underwriting discounts and commissions, and other
estimated offering expenses payable by Insmed. The offering is expected to close
on or about July 22, 2013, subject to the satisfaction of customary closing
Insmed expects to use the proceeds from the sale of the common stock to fund
further clinical development of its lead product candidate, ARIKACE(R), to fund
its efforts to obtain regulatory approvals and commercialize ARIKACE, for
general research and development, to invest in third-party manufacturers and the
supply chain in order to establish redundancy and commercial supply capability
in advance of the launch of ARIKACE in Europe and the United States, to fund
working capital and capital expenditures and for other general corporate
purposes, which may include the acquisition or in-license of additional
compounds, product candidates, technology or businesses.
Leerink Swann LLC is acting as sole book-running manager for the offering.
Lazard Capital Markets LLC and Canaccord Genuity Inc. are acting as co-managers
of the offering. Insmed granted the underwriters a 30-day option to purchase 0.9
million additional shares of common stock at the offering price to cover
over-allotments, if any."