ZGNX

[pragmatic-trader]

Why did ZGNX drop from $32.42 to a low of $24.60 on Friday?

 

[guru]

Because there was 56% statistical chance of it falling. There are literally thousands of stocks that do this. My bot already shorted in on Thursday:

 

[pragmatic-trader]

Because there was 56% statistical chance of it falling. There are literally thousands of stocks that do this. My bot already shorted in on Thursday:
View attachment 231816

Was there a news catalyst that explains the drop? I'm hoping for a non-technical analysis explanation as to why it dropped.

 

[guru]

Was there a news catalyst that explains the drop? I'm hoping for a non-technical analysis explanation as to why it dropped.

I’ve also looked but didn’t find one. Could be just someone getting out of their position (so back to technicals).

 

[pragmatic-trader]

I’ve also looked but didn’t find one. Could be just someone getting out of their position (so back to technicals).

Yeah that's why I made the thread, it was really strange and I couldn't find a logical news explanation.

Anyway thanks for confirming.

 

[Gaslight Capital]

ZGNX was a pre-market gapper on news that the FDA has approved Fintepla (fenfluramine) oral solution, CIV for the treatment of seizures associated with Dravet Syndrome in patients 2 years of age or older.

It was essentially a pump & dump play as traders sold the stock at the open. From SCANZ (formerly equityfeed):

Everything else is supply and demand, with little interest in the stock after the pre-market pop and first 30 minute drop.