The number of shares on issue in Australia, according to the ASX...

The number of shares on issue in Australia, according to the ASX is 129,000,000. The top 20 shareholders are shown below.

The turnover in shares since April 11 has been approx about 6,200,000 . The previous daily average is very roughly about 70 - 80K so as best as I can tell we have about a 10+ x greater volume. So we've had roughly a 5% turnover in ownership. Can anyone with more experience than me tell me if this is the sort of reaction they have experienced with other similar stocks with disappointing news. I ask only because it seems like a concerted pushing down of the price on news which is disappointing but concerning a company which, on the face of it has a product , very likely to meet FDA approval and meeting a substantial and in some cases, an unmet need. I find it difficult to believe that large shareholders would dump it, given they would be expected to expect volatitlity and presumably believe in the longterm prospects, so is it all small shareholders? It seems an overreaction but I may just not know what I don't know. Assuming the product delivers what has been reported and showcased by the company I believe this has great prospects and will be a multibagger, but I've picked many stinkers ithe past. Any thoughts?