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:
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).
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.
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.