I don't see it. More bad press next week and the week after with each news event causing it to trade lower. We may see the low $2's fairly quickly folks.
I think you're focusing too much on one politician. There's several members of congress and state attorney generals from both political parties that are driving this movement. Senator Manchin is just one of many politicians seeking to overturn Zohydro.
They diluted after approval and the pre-approval price factored in the possibility of approval. If it gets banned, you're buying ZGNX for it's pipeline and sumavel sales. Legislation in both branches in congress tips the scale toward dis-approval so the price should reflect that. Not to mention the huge amount of bad press that is scaring investors out and keeping new ones away. You need volume to move the price up but low volume allows short sellers to easily move it down.
There's also more short sellers climbing on board with each negative news story. There's no reason to assume support at this price. Since Feb 25th, the price has been moving lower with a few failed rallies along the way.
Hey slavik boy, are you aware that ZGNX is .26 cents away from the 2's? You gotta be smarter than that. Plus on Fri this stock was in breakdown mode. What if that 5 million shares at 4pm on Fri was a tute selling off? I can see 2's within the next 14 hours if there is not a sudden reversal!