Unusual trading coming up to the FDA decision. Seems like the SEC filing spooked some people who like to play the runup and get out before the event. Not sure what surprised people. Who's shocked that the company is planning to sell some shares after the decision?
I still think there will be a mini-runup before Thursday, maybe .25 - .50, short sellers getting out before the announcement. My guess now is that it will go up to $4.50-$5 post announcement. How it fares after that depends on what the company does for commercialization. If they find a partner, watch it go higher. If they decide to market it themselves, it will go down.
There won't be a runup. Look at the options chain. There are some big bets on the 1 and 2.50 puts. The pps will probably drop to 2.50-2.60 before news. What it does mean is that if the patch gets approved, this thing will probably skyrocket 100%.