Well, after looking at different ways to create shareholder value (including selling to private equity), PTD has announced that it is merging with another biotech instead.
Shares are down a few cents, probably due to people bailing out that got into it only for the potential of it itself being taken over (and I was one of them), but I would expect the share prices to be heading higher in the near term for (one of) two reasons.
1. If private equity players were indeed considering buying the company, they may be forced to make up their mind and act sooner rather than later, and put a bid on the table.
2. If that doesn't happen, and the merger will go ahead, the combined company will be of larger size and with greater portfolio, to make it more attractive for fund managers to buy into, which should drive the price higher.
PTD
unknown
merger announcement
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