Bill, I think the problem is impatience.
Good news, good publicity, and the stock is in the toilet!
Some investors must have been told or found out about SSB's outstanding science, broad platform technology, and glorious prospects. So they put money into SSB thinking they will get a sizable share price increase in a few months. Right. The 2 promising Phase I trials will start maybe in 1Q 1999, a year from now. ONE YEAR. I'm guessing these people are aghast at waiting so long, so they are selling. With volume so low, there is large share price reaction. We're losing our "weak hands" people.
I think the market reacts on share price most when the company enters and finishes clinical trials P1, P2 and P3.
My own schedule for the pot of gold at the end of the rainbow is the range 2000 -> 2003. With 2 excellent Phase I candidates starting around 1Q 1999, we are on schedule. P1 results would be sometime in 1999 and P2 starting about 4Q 1999 -> 1Q 2000. If SSB is smart, and I thing they are, there ought to be additional clinical trial candidates emerging during 1998, probably at least one in infectious disease. This is the start of a super pipeline- much beloved by biotech investors.
I searched for "weak hands" here at SI and found this:
exchange2000.com:80/~wsapi/investor/reply-2951665
Also, the timing of the 2 IND announcements is right for SSB to be a good candidate for year end tax loss selling.
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