Hey dh,
I have a feeling it was due to "flippers" and momentum investors. I'm guessing you're like me...in this for the huge gains I believe are coming to patient ZYNE investors. I wouldn't dream of selling any shares at $13 or $14. In fact, I'm the opposite of that. Each time the stock dips under $11, I add more if I can afford any at the time. On June 3rd and 6th the stock was below $11 (I added both days is how I remember). For me, long term hold. But for some others, a 25% or more gain in 10 trading days or less is an automatic sell to lock in those profits. Maybe I'd do the same if I was filthy rich and was buying huge amounts of shares each time I bought. But I think that's a big part of why it sold off today. And then there's momentum investors. The stock spiked on the autism spectrum disorder patent, and you get momentum investors jumping in because they're alerted to the spike. When it became clear the stock wasn't going to keep surging beyond $14, and holding over a weekend has risks, momentum investors look to get out before the stock possibly gets sold off by others. My guess is everyone who sold today did so at a nice profit.
Again, I'm neither of those kinds of investors, and I'm in for the long haul. But as much as I think ZYNE is a home run and going to $50 (and that's based on approval for Fragile X and 22Q deletion syndrome.....add in autism spectrum and this could easily break $100 in my opinion), we all know biotechs have tremendous risk involved. After watching IFRX fall 91% in a single day last week, I can understand why people sell after 25% gains (thankfully I didn't own IFRX!). But that's not for me.
For what it's worth, ZYNE is my favorite stock. I own a few other biotechs at the moment, and a few other cannabis/CBD stocks, along with some totally unrelated things. I believe ZYNE offers the absolute best potential out there, when factoring in likelihood of approval(s), current market cap, potential future revenue, where they are in clinical trials, etc.
All just my humble opinion, as always. Have a great weekend!
