It's a tough one to explain. It's not possible for the company...

It's a tough one to explain. It's not possible for the company to have a lower value after FDA approval. A De-novo approval is not common and never guaranteed. Many get knocked back or delayed by more than a year.

I believe a larger holder is taking the opportunity to take profits now that stock interest is there after FDA approval. Remember 90% of stock is hands of top 20 shareholders.

My alternate theory is that stock is being manipulated/accumulated by an insto now that it has been de-risked. Pushing it lower to trigger retail sellers knowing that the top 20 are not sellers at these levels nor buyers given they hold considerable stock already.

I believe the end game for the big holders is selling to a competitor. That would be their best exit strategy.