On that day, OMER jumped 35%. Why? because OMER has reported positive data from its Phase 3 clinical trial evaluating OMS302. What was the price then? $10.22. Quick conclusion: the street saw this product as a money maker. Nothing has changed regarding OMS302 since then, so why the stock is below $4? because the company is raising cash at the market (ATM). Quick conclusion: after this financial overhang will be behind, these prices will be history. HINT: it won't be forever. Good luck!
I think you named it. When the company will show a good cash position, investors will join and shorts will be covered. rrtzrealmd is right about one and only thing, this ATM is sucks. They could raise cash from the public in the old fashion way, and with less damage.