This is trading well beneath the pre-Merck option news -- look at prices a year or two ago. Throw charts and everything else out the window and just look at the value disconnect. What is fair value? Don't know what to say but should be "higher." The Merck option legitimizes the underlying technology as you know they did some solid DD before putting $5,000,000 on the line.
Only reason I see this trading here is fear of further dilution. If the next news is dilutive, we traders will ahve become "investors." if it is positive, I think you could see OPXA breakout to test $4-5 again. I would be happy with a move to $3.