The offering is set to close on November 20,but the company will not receive any proceeds.
Instead, J&J will receive the $52 Ms.<g>
On Nov14 ACHN reported preliminary proof-of-concept results from the first patient group on the PII, open-label, 14-day study of ACH-4471 for patients with C3G or IC-MPGN.
The interim data from the first patient group, consisting of two sentinel patients, demonstrated that ACH-4471 achieved complement alternative pathway inhibition resulting in a greater than 50% reduction in proteinuria, as measured by albumin to creatinine ratio over the 14-day treatment period, and demonstrated a favorable tolerability profile. <g>
The stock is up 21.45% for the day and volume is now above 10Ms.<g>
But it is still down 5.62% for the week with the weekly volume now getting above 20Ms.<g>
It is also down 8.71% for the month and 11.62% for the year,
with the yearly volume now above 362,300,700 <g>
The analysts consensus target is around 5.92, and the institutions reportedly own 98% of the shares.<g>
I wouldn't consider buying until it can close above its EMA20 on the weekly chart, which stands at 4.24 at present, and would then consider adding more on a close above its EMA50 on the weekly, which is at 4.69 If the stock could retest its Aug2016 H at 9.49 or its June2016 H at 10.06 it would be a nice gain from present levels.<g>
https://elite.finviz.com/chart.ashx?t=ACHN&ty=c&ta=0&p=m&s=l&rev=1510851527585
RAGL.
Bernard
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