I could spew something like naked shorting or MM manipulation, or just short that were caught off guard and are fighting like bandits to undercut the bid.
Or be more realistic and suggest that their invitro news was EXCELLENT it is, just the first step. Volume suggests that the market does like it. Though traders trade, imo longs are accumulating, technical players are looking to see if the gap will fill or not. There's still time before the next step of finalizing their testing and submitting the IND. "Quickly" in bioland, as we all know, isn't overnight. Even with the FDA fast racking and bypassing a lot of the red tape.
That's my realistic answer. When that IND is filed and accepted by the FDA, that may very well be when this heads north of $5. imo of course. Those of us that are paying attention and taking advantage now, anywhere from the .50's to 1.20's or even those that nibbled up to 1.90, with patience, may be very much rewarded. Risk Vs. Reward is always in play.