I've noticed that it can take until the following day for momentum to kick in with these micro-cap biopharmaceuticals, and there is often an additional step up the day after that. I put it down to the large institutions not watching these stock closely because there isn't the liquidity to support large investments, and many retail investors not being able to check announcements for their stock until the evening. That means a lot of retail investors won't be placing orders until tomorrow.
Ann: Phase II/III ASD Trial Successfully Meets Primary Endpoint, page-25
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