How many times has this been 'oversold' over the last year, from when it was in the 10-11's? Yet, it just keeps going down. How oversold was it a couple of weeks ago when it was in the 1.30's? How inconceivable was a drop to these current levels? Yet it did.
New investors at these levels won't stay long if there is no bounce. And they account for enough shares, that if they decide to bail, welcome to the .60's. How long will they give it?
Add to that, having shady PIPE financier, Alpha Capital Anstalt, (Martin Schlaff) owning 9.9% of the shares, doesn't hold well for many. Insiders own 6.96%. Institutions own 4.7%.
Overall, there will be a bounce when the FDA approves their product. How high, who knows. Will it be sustainable?....Not likely. Management gave away the shop.
Between now and mid august, there is plenty of time for the .60's to come rolling on in.
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