My personal view is that volume has been much higher than normal since the post Investor Day massacre. June and September represented the highest volume in ADXS since the Amgen deal in August 2016. In fact September was the 2nd highest volume month since Amgen, and one of the 3 or 4 highest months in volume since the Biotech crash in late 2015.
So today is not really meaningful in the that broader picture.
Step back and take a broader view. The volume surge in June and September tells us something is happening here in ADXS that is making or compelling the big funds to reshuffle their decks and possibly change direction in their strategy, or maybe even double down in their strategy and pile on even harder. So we are just trying to figure out what they are or might be doing, and by extension whether that means better things ahead or worse things ahead for the PPS.
If the excellent collective contributions made by many here on this board are correct, there is a reasonable theory put forth that a major shorting campaign took place in ADXS from $21, $22, $23ish, etc. down to $4. If some of those funds are going to take those massive paper profits and cover, and are now going to flip this and go long (for awhile at least), then we definitely need to look at volume in chunks of weeks or months, not days. Even Quarters can be informational. And we need to look at volume as it relates to reporting periods and options.
That's because bigtime short operations are played out over months or years, not days or weeks. Only we retail investors and retail day traders cheer or groan based on day to day stock movement. A professional short might be willing to wait 3-5 years (or more) for their bet to payoff.
If we view the glass half full, using CALA again as a potential example, once they finally crashed CALA they took 2-3 months to build their long positions before they used news as a catalyst to launch the PPS. It should be noted that the news they used to launch CALA...IMO wasn't even as impressive as the ADXS Amgen deal announced in August 2016.
I am not saying this will happen here at ADXS. For all I know we could be sitting at $3 in 2 months. I am only trying to read tea leaves based on the limited information and patterns we retail investors have access to, and I wouldn't even claim I am good at it.