Ebb & flow

Anthera Pharmaceuticals Inc. (NASDAQ:ANTH) eked out an IPO last Monday, raising $42 million through the sale of 6 million shares at $7. The price values the company at $151.1 million.

The prior week, the pulmonary and inflammation company lowered the price from $13-$15 to $8-$9 and then again to $7, while increasing the number of shares to 6 million from 4.6 million. At the $14 mid-point of the original range and 4.6 million shares, the company would have raised $64.5 million and been valued at $242.2 million...