I don't know. $3.50 may be a short term floor based on that one analyst target. But it *will* go lower if there is no deal on the horizon. You had the insiders that got out early before DealReporter news. That's the tell right there that this isn't some grand scheme to drive prices lower before an acquisition is announced.
As I said at 10:45 this morning, I've seen that price action before where insiders are getting out and then the news hits.
Yesterday was a bull trap. Today is the real deal. Sorry guys, but that's how it's looking right now.