Miss ISIS's $19 Offering But Think It's A Steal At $17?

Looking back to 119 days ago, Isis Pharmaceuticals, Inc. (NASD: ISIS) priced a 9,000,000 share secondary stock offering at $19.00 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Wednesday, the stock is now 39.5% above the offering price.