(1) Yesterday was crap for all biotech. (2) It normally takes, even if the offering is closed, a few days to absorb large offerings like we just had. (3) I don't think there was quite the demand on the open market for 35 million additional shares. These volumes and piddlywink trades for fractions of pennies are likely the institutional buyers eeking down their offering accumulation, so the 'post-offering bounce' isn't happening.
In all, it's just a trading range. Hoping for higher with some news, but absent some news, presentations, or sexy-showmodel hype/buzz, we'll move up slowly... as the boys say, probably pre-ASCO.