There's more to it than what this thread suggests. You guys all want there to be institutional holders, funds of various sizes. Well, all professionally run funds operate to strict rules about when they have to sell, when their stop loss policies kick in. There was a lot of buying in the 8s up until the end of last week. When the PPS drops enough, as it has this week, many of those buyers HAVE to sell, as if they don't, they get fired. As a result, PPS drops become exaggerated, which is what we saw today. Let's say some fund bought a decent tranche at 8.2 a couple of weeks ago, and the fund's policy is to sell when a loss reaches 5%, a perfectly reasonably scenario. That would put the automatic sell point at 7.79, which was hit today. The good ones is that there were very few (recent) buys below 8, so many of the forced sales will already have kicked in today. You may not like this argument but that does not make it wrong, as any semi-serious trader will tell you. And there are several (not me) who do post here.
Spot on, to add many investors were invested in ARNA to prosper in the launch that we expected to have already happened. Many of those investors bought on Margin, interesting last week a few brokers raised the margin policy albeit it maybe only 5-10% that would force many retailers to shift their accounts accordingly and I can't speak for them (I'm 100% my own cash) they would be forced to cover given the downward trend these past few weeks. This has been almost perfect scenario for shorts, tutes, retailers or anyone that was looking for a "cheaper" entry into ARNA. With the DEA still up in the air, CHMP days-months away we can only hope we see a bottom here shortly or some news.