RE:Is this not an overreaction due to impatience?mfran91 wrote: Can someone please explain today's movement to me, what happened today doesn't make sense. There were no material changes with the company at all. Obviously any kind of delay or pushout is negative news but does that really warrant a 40% drop especially if it's not due to negligence or underperformance on the part of the company? FDA released new evaluation protocols so Sona has to make adjustments - I do not understand why that would cause a drop so dramatic.
Key thing here is patience now. The fact is they have to most accurate antigen test on the market and have been taking all the right steps to bring it to market. Holding on to my shares and may even look to add more at open, 2 weeks is not a long time to wait at all...
Well, to answer your question, short term stock prices are determined by buyers and sellers, not company performance.
It appears to me that the group that a large amount of those sellers no longer were willing to wait 2 more weeks, or could not read the news report properly(It was worded in VERY POOR language).
Good news can push a stock price up, bad news can push it down, but fear of the unknown will send all but the strongest money running in the other direction. I believe the news was not bad, but it was worded in a way that caused confusion and fear. BUYING OPPORTUNITY!
Cheers!