I'd say 4 to 6 weeks, possibly 3.
The MMs are the ones moving the price right now, GNBP doesn't seem to be generating a lot of secondary market volume.
Archipelago has the axe, if the L2 ask queue is running empty than we can expect the price to bump up to 1.23 - 1.24 sometime during the week, due to Chardan and Knight.
If the bid queue is running empty than we'll see downward action between $1.16 - 1.12 (Hudson & Chardan bid quotes). But there are many MM's bidding @ $1.17. I suspect the bid queue is probably running empty due to low volume.
Monday & Tuesday's volume will shed some light on price movement. If volume stays low than it's likely shorting should occur after experiencing flat movement after several days (or a couple weeks), so downward movement to 1.12 would be expected.
The next lowest bid quotes hit the floor between 1.04 - 1.01, most likely price would be $1.03 (Biltmore & E-trade)
All of this of course, is semper paratus - we're assuming the MMs make no major changes to their spread any time this week. MMs should do major spread adjustments likely between early to mid-May, because we already know that Tony & Co. usually plan P-n-D around the 15th of each month.
