IMHO, fundamental analysis doesn't play much into the evaluation of start-up biotechs. Sure, one can see the share float and whether a company is debt-free and has a cash runway through a given date. However, the absence of earnings (typically the case with small start-up biotechs) usually prevents much dynamic fundamental analysis.
So, your point is well taken about technical analysis (e.g. oversold, overbought, other metrics). For selfish reasons I TRULY wish you are right, but I just can't see technicals pushing ONCS above a buck, however. It will take positive news (and a lot of it) in my opinion.
In general, markets don't like macro uncertainty, and that also applies to stocks at the micro level. So, the absence of news tends to drive the PPS of small biotechs down, whereas positive news tends to drive the PPS up. All just my opinion, Fur.
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