CF just moved their price target to $28 in December. Now just a few weeks later they move it to $23. Kind of ridiculous that a firm could be so fickle. Must have a lot of clients who want to buy cheap stock.
CF was expecting to get a taste of some future offering they may feel the company needs, but perhaps the board now doesn't want to do? Remember CF only initiated after they did an offering for $LGND. I know, buy side /sell side Chinese Wall, blah blah. Believe me, it happens. All the time.
If so, either this is a reduced threat of dilution. Or if $LGND does do a raise at some point (not that we see that as likely) but with someone else, we can expect additional coverage from another bank. After which we would likely see CF turning the greenlight back on.