"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."
It was an interesting day and I do find it counterintuitive that the share price made a nice jump up. So much so that I sold nearly half my shares going into the close. I still like the company and the stock and I view this as a tactical trade, I think some of the issued shares will find their way back onto the market and the share price will trade back down close to the placement price. We'll see.