RE:RE:RE:RE:RE:RE:Well?Value triggers were pretty compelling at that bottom - market cap a fraction of sales, market cap = cash, cash flow positive (although we're not exactly sure it was just operations that led to that), etc... Probably triggered a lot of quant/compu trading and not actual PMs researching and fundamentally buying it. Hence; the massive volumes. Now you've got the momentum triggers also going in. At what point does that kind of trading tail off? Not really sure - momentum algos would start to all dump once it retraces a certain amount, but you've got value ones probably still ringing alarm bells at the value. Bit frustrating as I was thinking of averaging in at the $1 level on a trade and holiday's intervened and I totally missed it. Darn.
At this point, I'm in the camp of wanting to see the financials to see what actually happneed. If it was that R&D went to zero, sales were above expectations, severance was small, excess inventories used, then all that's good. If it was normal sales levels, severance pushed off or not put in the "adjusted EBITDA" calc, extreme unsustainable working capital uses (seeing much too large A/P and no A/R or super low inventory), any odd cash raise (ATM/warrants?/options even out of the money ones) then it really wasn't improving operations and it's mostly a one-off and not indicative. It's probably something in between all these - a mixture of decent underlying and very tight control or pushing off cash expenses. Remember, guys like Soleus still have a large warrant position from the ONO and they could have been convinced to "take one on the chin to help out" if they are still believers. It's so tiny in their portfolio now that I'm guessing they wouldn't and have a fiduciary duty not to. Maybe some other kind of grant money came in via Quebec, etc... The cleaner their statement is supported, the better.
All in though, I see this mostly as a dead-cat bounce at the expense of the horrendously bad sellers who were complete idiots in misunderstanding reverse splits and dumping at the absolute wrong time.