Tax loss selling with shorts using the opportunity to take the PPS lower, shares short are better than 10% of float. Institutions own about 55% of the company and insiders another 10%+.
SCLN has no debt, it has a $1.57 cash per share and a BV of $2.60 per share. Its revenues are $2.80 per share. Subtract cash per share from the current price and the stock is trading at less than one times sales.
Granted, the write down of the last quarter was not good but that may have been done to get the balance sheet in shape for a sale of Sciclone, the shorts will then have to cover.
The current price is temporary - but 2013 can't come fast enough.