they never delayed using it in the past. they almost always started using it immediately, and many many days the price action shouted "ATM" based on what kerx and other bio's were doing on those days. In my estimation, the equivalent of the 2.68 52 wk high would now be about 2.20 with the additional and potential additional shares being released since then. Does that sound right?
I suspect $2.20 could have been a good price point. The ATM issue is such a concern to so many. I would rather get it over with now, before the run starts on P-III results. If the ATM shares are targeted to Institutions(s), why wait to issue them?