Previous offerings were before 4:1 reverse split. 17 mil shares before are 4.25 mil now. Same neighborhood as this dilution will be.
Oh, and it's also more shares (dilution) as the price drops, of course. The problem with ATMs is they can create downward spirals. More dilution creates sell pressure which creates more dilution which creates sell pressure, etc.
But he stopped the sell-off even before he got his article up. Click on his tweet: "NVIV = Pretty much as expected." That will bring you to a conversation with him and Adam Feuerstein.
It's easy to bash a retail analyst of developmental bio-techs with so many unknowable variables. But on a day like today maybe give him some props for being extremely quick on his feet on Twitter and with an excellent article.
I seem to be JNap's biggest defender on this board. But the guy has made me a ton of money, including in NVIV (mostly during its first FR run).