So their is a massive amount of shares short. The approval came out and all the shorts think this is the final time they can push pps down . So they were pushing it down as best they could but if they could don't you think they would have pushed it well below 3 . And by pushing down the pps today it gives them one time chance to cover before this trends toward 4 to 5 by the end of april
Hedge funds short good stocks to force a discount entry point for themselves. Then they cover and go long. Early LS approval caught many institutional investors by surprise, so rather than buy after a sudden +$1.00 gain to the upside, they'll aggressively short a stock price back down, cover and then go long.
Wow, you're a deep thinker. I guess that never occurred to anyone before. Sorry for the sarcasm, it's just all these conspiracy theories are so lame. Welcome to the stock market! This sort of thing happens all the time. So, often, they made a saying: Buy the rumor, sell the news. So, people sold. Now they will buy back and new buyers will come.
The majority of traders USE STOP LOSSES, so that is what happens on "sell the news", It is a domino effect or an avalanche where it only takes a certain amount of selling to trigger all the stop losses and it runs down. The goal is to overwhelm trading downward, and then people panic sell. This is routine and works well without the uptick rule.