This is odd. Stock has shot up, so it's understandable if an analyst says they think it's now overvalued. But MS underwrote the recent secondary at $120. Given RARE is buyout candidate, this looks a bit suspicious.
Also, seems a bit of an overreaction to an analyst's opinion.
Glad they raised funds - always a good idea for a biotech to snag money while it's available. But not a fan of issuing more warrants. Company's capital structure is getting messy. And warrants may place a ceiling on stock, as it makes it less risky to short. If the drugs pan out, this won't matter. But let's hope no more warrants in future.