are you watching a particular indicator to measure this, or is this a personal observation?  Most of the indicators are kind of mid-level (other than price).  The accumulation/distribution indicator is very negative, so maybe this supports your point.  Since spiking to a high of $19.43 12/28/20, SGMO has been going straight down.  More recently, SGMO went straight down from $6+ to under $3.

 

SM better produce some positive data soon.  Something is brewing and it's difficult to conclude the technicals are predicting it's positive. Maybe, hopefully, the technicals are being clouded by the ATM.