I think the ATM is/has been running at 1.18, 1.19, 1.20 and 1.21 showing 20K shares of total volume per price level.
Reaching 1.22$ may break that. No idea about the hidden volume under it.
So it should be possible to fill large volumes of shares up to 1.21$ if they keep selling.
Peregrine Pharmaceuticals the Microsoft of Biotechnology! All In My Opinion. I am not advising anything, nor accusing anyone.