I don't think so. I assume that market is nervous regarding recent offering (unexpected) and would like to see how it is accepted. If it is accepted well, then - see ALNY. Offering was at 20 and in 1.5 weeks it went up to 25, i.e. 25%. I know, these daily swings without apparent reason are bothersome, but in more long term just blip on the radar...
I agree that we should focus on the company's long-run prospects. Still, the recent price behavior is bothersome. Other companies (ALNY, AVEO) also had secondary offerings. Their shares did not get the beating that ONXX's shares received. And what is even more puzzling is that the price decline in the last few weeks took place while there have been glowing analyst reports with price targets in the high $90s.
ONXX -1.54 (1.98%), ^NBI -14.80 (.97%), CELG -.06 (.06%), GILD +.45 (1.13%).
Difficult to understand where this weakness is coming from. The upcoming approval of Pomalyst must be a factor. Incidentally, insider selling is continuing, after a brief pause due to the secondary restrictions. I know that all of these are planned sales. Still, it would be more reassuring if we had some indider buys too--epsecially since the stock price is so far below analysts' targets.