Couch,
I think, unfortunately some longs are exhausted and newbies are spooked. But this is all market psychology in play, nothing new or really remarkable about the way this is trading.
I for one do not subscribe to the manipulation theories. There are so many eyes on everything in the market world, even these pennies, that I think it highly unlikely that there really is any manipulation going on.
The fact is, even though this company has so much going for it as far as pipeline is concerned, investors and traders are saying, "Show me the money." Once the company is consistently profitable, the pps will rise accordingly. Most penny stocks in ELTPs situation would have done a reverse split by this point to get the pps into a range that would attract new investors. I for one am glad they have not done that because inevitably that leaves the current shareholders holding the bag for a while. I think it speaks to this company's commitment to its shareholders that they are soldiering on without taking any shortcuts or quick fixes. This will definitely be a value stock some day IMO, it will just take quite some time to get there. No one should ever put all their eggs in one basket hoping to strike it big, as that almost always leads to significant drawdown and disappointment.
With that said, many people "investing" in pennies do just that. Truth be told, even the most optimistic long on this board is by definition a speculator, myself included, because this company does not yet have the financials to back up an "investment." Do I hope this will go up soon? Of course! But, I also am realistic to believe that without news we could see levels that no one thought we would ever see under any circumstances.
Sorry for the rambling, but I think that those who are long need to believe the lip service that has been given that this stock will take time to appreciate in value, because guess what? It will take time. I got in March 2011 and am speculating that this will be a great turnaround story eventually. It will make you crazy to watch every tick up or down (believe me, I've done it from time to time). Make a realistic plan and stick to it. The most successful investors never go all in on anything. They scale in and scale out as the situations arise, and they take their predetermined actions accordingly.
Good luck to all. I really hope we are all able to meet our own goals with this stock.
