BOTHELL, Wash., Jan. 18 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK) today announced the pricing of an underwritten public offering of 3.25 million shares of its common stock at an estimated total public offering price of up to approximately $42.9 million.
On this news Nastechs stock plunged 94 cents (down 6.69%) to finish the day at 13.12. I'm no stock market genius but offering a stock currently valued at 13.12 for 13.20 might be a hard sell. Time to learn about the old stock market and how it works. Lets keep an eye on this deal.
Think of Nastech as a Cargo Cult airline that carries piles of cash for the investors who are waiting in the Cargo Cult airport lobby. Each of their flights, PYY, PTH, calcitonin, have been delayed. The siRNA airplane is still waiting for take off at an undisclosed location (does this plane really exist?). The investors see someone making their way to the information booth. What could it be? Positive clinical trial results? A new break through in siRNA research? Ewww the anticipation!!!They want more money? Son of a...
The 6 months stock chart tells the story of investor patience.
P.S. Nastech seems to be good at raising the stock price when it's desparately needed. Day traders should take a risk and buy in the morning and sell by the end of the day.