Catalyst
Interesting patterns these days. I have some other biotech stocks that swing widely. Very much a game for some. In this case, the key driver, I suspect was that the recent news was ok, but not amazing. And now there is a prevailing opinion that there is no other news to come for a while. No catalyst till the end of the year. So sell it off, swing it down and get back in for another ride up. I guess that the way this works is that the people who don't know the company that well sell out of fear or a desire to limit losses. I'm sure there are some that know the company and know that it swings in between catalysts in the past so will do it again (self fullfilling in a way....).
That may be the case.
I would be kind of cool to have something pop up such as a partnership announcement. All the long holders are not selling now so it would be the game players trying to get back in on little notice with not a lot of sellers willing to sell in volume.
That would be cool. Who knows. One can dream.