I would take a drift to $16-17 and then sell some calls (on trading shares not on the core position).
Agreed, IMGN execs are very self serving. I think they should take care of the scientists that developed and perfected the TAP technology and the scientists who are discovering and developing blockbuster drugs, but the CEO and CFO have nothing to do with the science, which drives IMGN. IMGN execs have not added much value in terms of strategy, partnerships, or M&A.
IMGN now has over $200MM in cash, so not sure they will need to borrow again any time soon. If TDM-1 becomes the blockbuster many shareholders expect, they many never need to borrow again, but it's too soon to tell, or worry about future dilution.
I would have preferred to see more than just the one director buy stock with their own money. I may have helped him with timing as I left one, or more messages complaining about IMGN on his phone.
This could be the year IMGN makes a big move like a REGN or ALXN or MDVN, or CELG of past years, but I said that last year, so don't rely on me.
IMGN execs can sink to new lows by diluting the stock, make it cheap for a takeover, fill the coiffeurs full of cash (make it attractive for a takeover) and than give themselves a big fat bonus or a cushy position with the takeover company when the takeover occurs.