the stock dropped like a rock. it seems like the $1 mark is a pivotal price. But if fundamentals are good this selloff won't matter. Good fundamentals meaning getting some CASH to carry them into FDA approval of the microcutter on September 1.
Maybe true, but in the meantime there is absolutely NO reason to buy until they eventually do what we all know is coming. Dilutive financing. And at these pathetic levels, anyone who buys prior to that event is just going to screw themselves. Everyone knows this, so of course there is no buying pressure whatsoever. Hence, sellers are forced to dump at lower and lower prices.
While some may start buying after Cardica gets whatever costly financing they obtain, keep in mind lots of folks (my stupid self included) did the same thing earlier this year when they diluted in January with what was presumed at the time to be enough $$ to get them to FDA approval. Of course 12 months and still several more delays later, here we are again. It's a risk to buy this pos at any price given their history.