It's highly unlikely 'Management' is running the buyback on a...

It's highly unlikely 'Management' is running the buyback on a day-to-day, ipso facto they're not 'buying today on this drop'. It will be managed by a broker and likely just broker putting bids below where current market sits so any selling would sell into that bid. This bid is likely adjusted each day based on where market is at and likely does not take into account any strategic decisions made on perceived 'value' ie your unlikely to see more buying just because shareprice goes lower but you may see more buying on down days just because bid is getting hit.