"17 ... months is the average delay in the entry into the marketplace of certain generics as a result of "pay-for-delay" deals between brand-name and generic pharma manufacturers, a practice that will soon be reviewed by the U.S. Supreme Court."
There are all kinds of conspiracy possibilities. And yes, this thing is so illiquid, anyone can play mm, even if they're not inclined to do so.
The price dropped because some folks don't want to wait the 1 1/2 to 2 years before they can get their latest product to market. They had been courting another pharm to partner with on manufacturing and marketing. In November or early December they announced they would go it alone and lo and behold some investors, who don't want to take the risks associated with going it alone, dropped out and the stock price dropped accordingly.
I opine now is a good time to buy if you have the fortitude to stick with it for at least 18 months and most likely 2 years. I have been buying since 2008 and still pick up a thousand shares now and then. That is, when there is a thousand shares really available to buy. You will find that there are some folks who seem to like to be a market maker and sell and buy one or two hundred shares just to see the price change. That's OK by me because every now and then there really is a chance to buy.