For a company that has achieved success in trial III, plus a bunch other trials in the pipeline, it should have MC of 1-2B. At 700M, it is cheap. It could easily be a takeout target, or by itself it could double under some favorable market conditions. That's why the upgrades today.
With deals for 398 coming up in Europe and Asia, with 121 moving forward with Sanofi which triggers a major milestone payment, and with a multi antibody deal progressing I doubt we will see any fundraising this year….or next. Remember 121 costs nothing, and revenues will begin via the Activis deal later this year, and 398 sales kick in next year.