No news needed if the chart pattern is a pennant/pause in a uptrend. If truly a pennant then 8.50 should be no problem. Right now I see it 60/40 as a pennant. It seems that every time the sp drops under 7.70 a couple decent buys come in to bring it back up. The pennant formation could easily be construed as manipulation for short cover.
i don't know what universe the original poster is living in. I was just getting ready to declare it range bound awaiting further events, whether it be ER, new collaborations, or large investors coming in.