We are all hoping that the fundamentals will ultimate prevail and that the share price will follow.However, the disappointing price behavior is not a one-day thing. Make the comparison with the NBI, CELG, etc. for the past 1 month, 3 months, 6 months, 1 year. Also, the share price is being jerked around a lot. This morning it went from 83.87 at 10:00 to 82.32 at 10:09--i.e. over 100 million valuation change with just a few thousand shares traded. Why do the MMs have such a field day with a stock that has such strong fundamentals?
I'd say that the early stage biotechs (ONXX, PCYC, MDVN,etc.) stalled out early on very light volume and then were churned a little by the MM's. (early volume in all of these was pathetic) The more established biotechs, CELG, GILD, REGN, performed pretty well. This suggests that in an uncertain market, with over a month to go before earning, no one feels any urgency to own stocks like ONXX, CLDX, etc.