It reversed when IBB turned red, actually. But, there is definitely something funny going on with the trading/MMs ... why the pullback to low $5's now, AFTER the Red Cross news and AFTER we held in the $5.30's during the biotech takedown?
IF this breaks into the $4's, definitely sell your shares and move on! Pay no attention to the fundamentals and the new insurance coverage.
Those of us who are familiar with the way this trades know the small float makes this very volatile. Just buy the dips and hold on! The "tell" today should have been how steady the accumulation has been, including the buyers that just stepped in at $3.80.
They must not remember the moonshot from $13 to $27! There are no REAL share available anywhere CLOSE to $6.50.
With the Red Cross news out of the way, shorts felt they could pull out all stops given the market freefall. There was no more backstop or uncertainty of BIG news. It's the way of small cap biotechs, I'm afraid. Now, the question is ... what is a catalyst for the overall market? I don't see one!
This isn't exuberance ... the market isn't even aware of the conference, generally. "people" are accumulating the stock ... eventually, the shorts will move on. They've been goosed a couple of times of late by insurance acceptance. Tick tock!!
Institutional % has risen, too. Just really difficult to shake the shorts when as some have mentioned here, they've got a clear channel that they operate in. Time will tell!!
Too bad it is wasted on such a disastrous market environment. My biggest fear is someone WILL swoop in and buy us for much less than we deserve!!
Shorts either can't, or won't, take this lower even in the face of today's rout? Interesting!!
They've beaten this down about as far as they can ... I am adding, AGAIN! I can wait!