Follow the volume. During the uptrend to $6.28 the weekly volume was between 65 million to 98 million shares. This past week of post equity raise consolidation volume was only 32 million. A low volume pullback is trumped by solid fundamentals & the company has added $110,000,000 to its warchest.
Reasons for the offering are open to speculation. However, concerning BCRX's pipeline the good news just keeps flowing & to me that is the bottom line.
IMHO, the traders speculating on short term gains from the Phase 1b, Part 1 Galidesivir trial preliminary data release are the reason for the price pullback since the Jefferies CC. Those traders lost patience, exited & the market makers became teammates with the short sellers. We also have to factor in that the IBB & XBI stalled.
Suddenly, the BCRX fundamentals have improved again with release of more good news for Berotralstat. I think the share price has bottomed.
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