I had the same feeling that it was a positive pr and that CytoDyn might be in discussions with a bigger player - really, can a 20 employee company handle billions of dollars in sales with the partners they now have?
No a 20-ee business cannot handle billions of sales, but we are partnered with American Regents and they are large enough to handle initial distribution. And with any approval, CYDY won't be a 20-ee employer for very long.
I also doubt discussions with a bigger player at this time - first, if they felt they needed that for an approval it should have already been done; and second, nobody is going to pay the value NP and BOD have placed on CYDY, at least not prior to approval.
But yet the stock tanked. If they had announced whether or not the trial met the primary endpoint and how many deaths had occurred in each arm and what the p-value was, the market reaction would most likely have been the opposite of what it was. Aside from the above considerations, why wouldn't they release these numbers?
As other posters have pointed out, NP had previously stated he will not publicly release PE data until he has the entire data package. My guess, after several previous PRs with PE data prior to FDA approval, there's likely been prior FDA discussions where this direction was strongly encouraged. Since FDA is judge and jury now, best to play the game the way they "request" it played
And with today's a) overall market down, b) plus strong rotation away from biotech and risk assets, c) plus likely planned short attack, and d) overwhelming percent of ownership by fickle, easily shaken retail investors, it was very easy for the market makers to drive price down and accumulate shares. Assuming what we believe about the molecule's science, the market makers will make themselves nice money today. I'm gonna hold and do the same - just my opinion