<point remains, that management's/board's total indifference to the shareholder has to be addressed>
Having worked for a couple of start-up biotechs, I can tell you first hand the execs and directors would be extremely reluctant to proactively defend "shareholder value" in this political and regulatory environment, especially if they were confident of the companies prospects and fundamentals going forward. Im sure these guys have nice stock option packages, and they dont want to attract scrutiny. Its likely they also have an ESOP plan, so the current low PPS provides an opportunity to acquire cheap shares. Unfortunately in the short term this non-defense allows hedge funds to parasitize capital, and they are very good at taking your money. If you believe in the companies prospects buy more, if you cant stand the heat get out. I personally feel the phage display technology is hugely undervalued; the problem DYAX presents to a potential suitor is basically the same BMY faced with MEDX, the technology is highly leveraged. All DYAX needs however is one phage display home run, licensed or not, and the share price will take off.