If you look at the first 2 weeks of July where the Fed was to speak and both weeks were the tone of bios/internet or whatever was stretched (not so wise....imo), such that both Mon/Tues dropped off a cliff for every biotech I follow, such as HALO falling below $10 after being there for quite some time, and ZIOP below $4 quickly, and ACAD & XON falling too both weeks. And there were some good up days, with ZIOP rising up one recent Friday some 6%, and rising up on Wed....and in fact trading sideways this past week if you look at the chart, but of course down. {And of course XON not dropping so much and rebounding well of late.}
However if you check the ZIOP chart and compare it to the huge drop back in March/April the volume is much less, especially the end of this week. Also, you have to figure since the XBI was up more than normal on Wed because of PBYI 200+ % rise, that Thurs and possibly Friday, the same XBI would drop some and did so, and when the indexes just drop a bit, so does ZIOP. With such a low volume drop would think that the price could reverse very fast especially since the price is back near $3, but no guarantee of course. Would not think the bios indexes would fall much further, and CELG rebounded nicely after the earnings early drop. As for saying that ZIOP data news could be bad, would think much higher volume would be selling if they knew, and doubt all that 'out of the money' call option buying would be happening either. And any large drop would make the Palifosfamide fall time data, and the other IL-12 indications that much more attractive to buy into, for many of us that could handle such a drop, but I still doubt any bad news is coming. Think that Palifos data could be like a lottery pick since many are not even aware of it, and sure, it depends on if or when it is ready and whether either trial comes up positive, or how positive. Finally, even if they release good data, you get a pop in price, but if the regular biotech market tanks, then so could ZIOP, ....just like what happened with the recent Fed comments, probably about to wear off of their effect. Seeing stocks like PBYI and others move up so high, will bring back in many biotech chasers....imo. So, especially if the macro and biotech overall does not tank and keeps moving up, ZIOP should regain its footing and reverse back up again to at least $4....in my opinion. And sure, good data or other news would not hurt.