I was quick to criticize a hasty move, so I need to be quick to compliment a hard move.
This morning, management at Provention Bio (PRVB) wisely yanked the proposed offering.
My sources indicate the investment bank tried to cram down the price at the 11th hour. As I’m told, institutional investors believed uncertainty surrounding FDA timelines warranted the discount.
Is that concern legit? Hold that question. First we need to address what management did. Then we can address the concerns and next major catalysts…
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