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Biotech / Medical : Aviron
AVIR 3.070-12.0%3:59 PM EST
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To: Brad C. Dunlap who wrote (85)8/1/1997 7:28:00 PM
From: nelli   of 645
 
Hi Brad, this is a whole new area of education for me. So when a firm has a secondary they do not solicite the sales. Can you please explain who decides to participate in the secondary? Or is it anyone during a given time period. This 400K block that went off today must have been part of the offering, but is every other trade participating as well? I had the impression that the company solicites itself previous to announcing the secondary and then the groups they solicite then buys in large blocks, until the total is completed. The overallotment is exercised at the underwriter's discretion and then those shares are sold to the public. I celebrated when AVIR announced the offering but now I see I shouldn't have. I notice the trend now is for biotechs to announce amazing news and then follow with an offering. Perhaps in this case the news really captures people's imaginations and they are willing to pay the MM's prices. I still maintain, though, that the market makers set the spreads and the prices and I believe they are keeping the prices up for those willing to pay. When the offering is over the buyers will be gone as well. The next piece of good news is a ways off, as far as I can tell. What is your personal target for this stock? Short term and long term.
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