The stock is about people trading the tape (like yourself) or people betting on FDA approval.
The PIPE might signal to those waiting on FDA approval that it isn't as proximal as some may have hoped (and/or 118 partnering is further away). People feel like they can wait to get in and not risk missing the FDA decision and in the meantime be in something else that is moving with the market.
The DB upgrade was probably a smokescreen to people wanting to exit on the PIPE news.
The fundamental types ruined the upswing for the technical trader types, who are also bailing.
Once those short term guys are out or it gets cheap enough to ignore the trend vs. market it will reverse with renewed anticipation of news events.
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