What institution that got burned on the last secondary at $28.50 is going to buy Tekmira again at that price, without substantial progress in the pipeline first? None.
It won't be for PLK1 because Tekmira will only progress via partnership with that.
It could be for HBV, but we're minimum 6 months out on that,
How about the new pipeline candidate? I'd buy now at this price if it was something big like HIV, but that's unlikely.
Logic says it's for HBV 6 months from now, and they wanted an active shelf. I'll be buying before HBV data.