The fact that we're up substantially, rather than down on dilution, is clearly an indication that Institution's wanted IMGN on more solid financial footing, they wanted some cheaper shares, and now that they've got them, they're putting their money behind the company.
We individual investors cannot influence the share price in the way that it's moved today unless their is major positive news. Individual investors took yesterdays news as bad news, yet here we are, up substantially.
I've previously suggested I would have supported IMGN diluting, but at higher prices, but noted that it's not a bad thing if it puts them in a better position to negotiate with other companies. With this move, IMGN is in a much stronger financial position in such negotiations. I don't know that it increases the likelihood of a partnership near term, but it greatly increases what IMGN can ask for in negotiating such a partnership. They won't be forced to take a low ball offer because they're cash starved, and potential partners will know it.
It's the institutions that have been holding down the price, and now they're pushing it up. Let's hope they want it to be dramatically higher.