The stock has always been very tightly held so any moves tend to...

The stock has always been very tightly held so any moves tend to be on small volume. I would suspect that some bought in prior to the test announcement expecting better and have moved on... tax loss selling is always a problem at this time of year.

I think the thing to focus on is that none of the top holders are selling.

It's not exactly a friendly market overall at the moment, let alone for a speccy biotech!

If I had spare cash, averaging down wouldn't be a bad strategy!