Re: damn - just announced a secondary....
Don't despair too badly here and sell your position at these depressed levels. Most pre-commercial biotech is like buying a pig in a poke, and there is always the recurring doubt the company will even survive the drug development game to produce a positive balance sheet. No doubt it's a setback, but it's not like we got blindsided by a dozen Grade 5 AEs. In a changing Megamarket environment to include the uncertainties of an election year, a trade war, and a pending recession... seems like Susan wanted to get the offering out of the way as quickly as possible. With a continually rising tide of M&A, I expect the offering will close quickly, and the runner's rewards will also get exercised.
With developmental biotechs, the share price is a nebulous thing, quite arbitrary, in fact - a reflection of future potential that may never realize. Stay tuned. This is where the game truly gets interesting. Remember, Incyte has a considerable chunk of change invested in these guys. If the market cap warrants, they'll buy the cow rather than see the milk go sour.