The claim that the share price always precedes bad news and implies insider trading in this case isn't supported by the actual trading data.
The IDE submission took place on 28 June 2024, when the share price was around 22 cents. Following that, the price gradually declined into the 16 to 18 cent range throughout July. This kind of movement is typical for speculative biotech stocks during a regulatory review period and doesn't suggest insider knowledge.
On 26 July 2024, the price dipped to 15 cents, which is still within the same general range and not an unusual move given the uncertainty surrounding the outcome. The news that the IDE was pulled was released pre-market on 29 July, and the stock opened at 12.5 cents before dropping to around 8 cents. That sharp decline occurred after the public announcement, not before.
There were no abnormal volume spikes or price surges prior to the news that would indicate the market was reacting to leaked information. The gradual decline reflects investor caution, not foreknowledge. The final drop aligns with the timing of the public news, which is consistent with a transparent market reaction.
In short, the trading history does not support the idea of insider dealing. The price movement reflects market sentiment and risk management, not any improper activity.
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