I am sorry, I meant to say "Is it MM manipulation before the announcement of the results"? I know what bear raid is. It happened to other biotech stocks I owned before. Thank you Rick for the explanation.
Hardly a bear raid amigo. Bear raids are quick 10% to 15% losses in the stock price in minutes. Most times resulting in an SEC Halt.
Following the spike down you have a spike up where the shorts cover their positions.
What we seem to have is typical consolidation. Pull up a 3 month chart and look at the volume and price together. You will see that on the large up days, the volume is big. And on the down days the volume is light or average. This means accumulation and is a very bullish signal.
The weak hands and short term traders sell their shares for small profit causing the price decline. Once the price reaches a bargain level again, the bigger players move in. I figured it was going to happen today around a price of $6.60. Still consolidating.
Hold strong here as I believe $6.60 is support. It's holding nicely. I was hoping for a bounce but it looks like we are just going to get a stalemate between the buyers and sellers until news.
On a secondary note, did you guys see the Form 4? John Finn (CSO) sold at $7.10.....that guy should be a money manager. Talk about good exit point...LOL