Not surprising to me. If you add up all the billions in market cap of all of the companies including vaccines and realize that many of them will be almost worthless in a year, there’s room to drop. Some will make it but when you get something like BVXV fail their trial and realize there’s nothing else in their pipeline, they could implode.
Side note, look at DSS today. Up 60% with a $32M market cap. Look at the description of their company:
Document Security Systems, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company operating businesses focusing on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets, today announced its financial results for the third quarter ended September 30, 2020.
That’s a lot of buzzwords for a $32M company. Their PR is a lalapalooza of stuff including two different subsidiaries working in COVID. 5 different subsidiaries mentioned. Somehow earned more this quarter than their revenue. Their chairman sold shares through a subsidiary above market. The raised $10M in an offering in July when that was about 1/3 of entire market cap. 50% dilution, not bad at all. I’m just glad these guys are protecting our blockchain security while protecting us from COVID at the same time. Lord only knows how juiced those books are.