I was only referring to the chart by itself. Oversold in the sense that unless something new happens, the chart shows the stock is at lows considered very attractive that would be bought within a short time (up to a few days) based on past performance.
That being said, it could take a couple of days until buyers feel that things have stabilized enough and the newness of panic has worn off to venture a return to risk appetite in the stock. However, further good news of any sort would certainly bring upside, but also further bad news some limited downside, although any more downside would clearly be an ultra-strong buy that should bounce within a week, since a one year delay in the completion of initial patient trials should not price the stock as if it is ready for bankruptcy.