Player Avatar zzlangerhans (99.85) Submitted: 3/26/2013 8:39:01 AM : Underperform Start Price: $3.70 PATH.DL Score: +10.73

NuPathe finally got approval of their tingly sumatriptan patch Zecuity in January. Congratulations. That calls for a round of shots of Tab for everybody.The market greeted the news with a loud belch that reeked of liver and onions. Earnings predictions for Zecuity are highly speculative and the company has gone the preferred stock and ITM warrant dilution route of financing the launch. That means the true share count is actually 42M rather than 14M and the real market cap is closer to 160M than the modest 54M indicated by the financial portals. The warrants especially are going to exert significant downward pressure on the stock as they get exercised and the visible cap starts to converge with the hidden cap.

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