If there is news to be released we may know a ahead of time as there's just too many peeps that can get access to it. The SEC requires it to be delivered to all at the same time? Who writes the story. How many peeps are involved with the FDA? How about company insiders family members? The amount that know may not be big but this news could cause a creep in the PPS.
I think what we're seeing now is the precurser to this as the Hedge knows maybe a little more than you or I and have the capacity to go to work with their Liquidity to gather shares and make money. If there's no news premarket and after the morning bump there maybe continued stepping down of the PPS as the Hedge shows us retail what they have the capacity to do.
If there's stops they may trigger them in their zeal to collect shares? On the otherside there may be a Fund or 2 that says this is a good spot to start a position and put any hint of the continued down trend out of our minds. The Hedge here or hedges will turn this at their will with no news. It may be tipped at the time they create one last spike down as they create that capatulation type move? My gut says MOS until real news.