If you believe the company is going BK then sell, otherwise buy more or hold. I believe that at these levels it is already pricing in a high probability of BK. Thus, trading less than cash it is worth the risk since I believe it will not go BK. In that scenario we should be trading much higher...MM playing around with price to get maximum volume interest.
My feeling 5% probab of going BK and 95% of other scenario. In the other scenario we will be trading well over $4. Also, it seems like the company has quickly planned to run a much smaller organinzation. This tells me that it is prepared to run a shell until it finds a safety resolution with Takeda or just sells itself to them since they have already invested $ hundreds of millions in the product....Very difficult to kill a biotech especially one with an FDA approved product....=)