It is not panic selling. Those that have/will sell are doing so methodically and thoughtfully, as part of a strategy to exit this losing investment.
It is not panic selling.
I would say the share price reflects an overall dissatisfaction with this company and is consistent with a broad-based exit. One individual I know made the decision to move on a few months ago. He is firm on carrying through with his decision by year's end. So the share price again will suffer.