Small biotechs need cash for getting to the FDA APPROVAL PRIZE. Equity funding boosts cash and the prospects for approval and any temporary stock price dip never last long as every investor looks forward to a spectacular rise getting closer to a market/FDA win.
There had been no dilution yet. Many companies have a shelf but don't use it. Not saying they won't use part of it at some point but as of now nothing has really changed. Not saying I agree with what they did, the timing is odd at the least, but nothing has changed except they have the means to raise more funds in the future. I have been out of ANX for a few weeks but think it has bottomed today and going to try to buy a little today.
I love how the shorts totally set you all up for this too. Stock up big yesterday, but on low volume bursts. Indicating that it was a suckers rally set up by Culleys short hedges covering before the dilution news hits.