80%+ of all trading volume is not investors voting on the value of the stock. It is traders attempting to gain a profit mechanically. Meaning, primarily, market makers. Many of whom are also hedge funds, separated by a laughable Chinese wall. The most appalling of which is, of course, Citadel. One of the defendants in NWBO’s lawsuit.
It’s amusing, the textbook empiricists who think they know what they are talking about when they denigrate the manipulation “conspiracists” and espouse the absolute horseshit “efficient market” theory.
Of course, some of them are not really ignorant of the truth. Kind of like when mobsters proclaim that “there is no mafia.”
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