I agree with you, to a point. Everyone is responsible for his or her investment decisions. That said, it's entirely valid for investors to be critical of managements' decisions when such criticism is warranted. It's okay to say that Missling has not done a great job and that under better leadership the stock price would be higher, or that short attacks wouldn't have nearly the same impact if AVXL had the legitimacy of a reputable partner, etc.
As for being in a much better position than December -- that's true for every stock across the board. The entire market was in a slump then due to the trade wars and government shut down. What specifically puts Anavex in a better position today than it was a few months ago, aside from being that much closer to Rett trial data -- which may or may not turn out well?
The stock price isn't dropping because it's being shorted by an organized entity or group. It's dropping because people like me are taking profits when the price runs 35% on bogus news (i.e. Russell rebalancing). The Russell Index is fun to watch, but it didn't affect AVXL in any way in the intrinsic happenings at headquarters. Would the stock have gone up 45% without funds being forced to buy last month? Probably not. So why isn't it fair to say that the stock shouldn't drop back now that this artificially-induced external demand has decreased?"
The fact is the market sees a company with a drug for a disease that historically has a next to nothing success rate. It seems a company that is going to dilute its shareholders to the tune of $250M, and it sees a company that has a CEO who has a tendency to make opaque statements, such as the 18 month runway and the preferred stock being used to thwart a hostile takeover (as opposed to circumventing the authorized limit which is just as likely). It sees renowned members of the Scientific Board leaving to take positions at competitors. It sees a rabid base of shareholders who will continue to support Dr. Missling no matter what.
All of that together makes for a compelling reason to sell if you're a retail holder sitting on decent gains, knowing that in all likelihood you can buy back your shares a few weeks later for a 30% discount. The chart history speaks for itself.
