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  • rayonmanl rayonmanl Oct 30, 2013 11:29 PM Flag

    I think 5% of the drop (almost half) today was due to

    stock dilution from the Cowen facility that likely occurred in the quarter ending 9/30/13.
    Wedbush or some other analyst quoted by SRK today estimated that 7.2 million shares were sold (would have been through that facility) by 9/30/13. With about 145 million shares, that is about 5% dilution.
    Add 1-2% down for biotechs in general and then some momentum traders and you can account for the vast majority of today's 11.2% decline.

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