I think the majority of the shares reported traded today must be from an offering/ dilution/cash raise that hasn't been announced yet. The only other explanation would be Hagelstein unloading nearly all off his shares. 2.4 million shares!
Just speculation - if it is perceived discounted shares will soon be offered to raise revenue, ie $5-6/share, shorts would jump on the opportunity and longs could sell then buy into the discounted offer. BUT, if capital is raised IN THE NEAR TERM without diluting the stock, those who sold today will not remain happy campers.
Possible offering hold a risk for all small cap biopharmasuticals, and certainly didn't just become risk for this stock Today, but why the big drop today, not other days, relatively, and right after positive study results?