Am a novice about the sector and investing, but technically, it isn't good that this stock DIDN'T break out above $3.00 on the recent news. Part of it my have to do with the following:
http://www.cnbc.com/id/101528314
"Starting at 11:57 a.m. ET, a major player started buying May 1,995-strike put options on the S&P 500 for $133 per contract. The trade was not executed in a single block, but over many smaller trades between 11:57 and 1:12 p.m. (and the prices of the contract varied, getting as low as $131.70). On the whole, 15,450 contracts were purchased. And since each contract controls 100 shares, this trade cost about $200 million.
Since a put gives its buyer the right, but not the obligation, to sell the underlying security at that given strike price, this implies a bearish bet on the market that will make money if the S&P 500 is below 1,862 (1,995 minus $133) at May expiration."
Plus, bottom line is that the company hasn't made .01 cent yet in sales, no earnings to speak of, so it is a pure speculation trade.
IMO, it looks like in a trading channel between 2.21-2.60. A breakout above 2.60 is bullish, a break below a support of 2.21ish is bearish; which mean it might see 2.0 is the next level of support for this stock.
Just my 2 cents.