Good post, DG. In my opinion, launches and even just Spain approval will have major impact on the pps. Just look at Dec. when APRI pps soared from 1.70s to upper 2.60s just on news of expanded partnership, Majorelle partnership, and then France approval on Dec. 26. There was MAJOR volume on most of those big up-days of Dec., over double or triple the usual volume, and then 1.5M shares on one of those days, Dec. 20 (the day of Majorelle partnership, as i recall).
I don't know how much of that was short-covering, because the amount of shares short didn't diminish by much in next report (some could have covered on the way up then taken new short positions).
But the rapidity of the up-move tells me that there are some "big money" players with their eyes on APRI. I don't think launches are "baked into the pps." I think there's a lot of upside still to come in next few months on NRs for Vitaros launches and Spain approval. And then any news of Femprox partnership will be the trigger for anyone waiting (for the Femprox piece of APRI to materialize before buying) will have their answer--and we should get a massive volume, huge spike up that day.