It is called preservation of capital. Some are happy to sit on a 50-70% loss but others limit their loss and move on if the share price moves in the wrong direction.
The market reaction after the test results wasn't great dropping over 50% with one of the directors selling before and after results were announced as well as a few others who work in the industry selling at this time expecting some better numbers.
Ann: Update on Licensee and Offtake Agreements-LWP.AX, page-151
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