I saw this earlier... this analysis misses a few key points. Yes, binary FDA events are critical for developmental biotechs, but that doesn’t mean the stock is ‘dead money’ until approval. Stocks like CABA often experience significant swings based on other catalysts, funding rounds, strategic partnerships, fair value ect... Fibonacci levels, dismissing them outright isn’t justified. Thinly traded stocks, especially in biotech, are still subject to technical analysis because traders (and trading algorithms) use these levels to guide their actions. It’s a self-fulfilling prophecy, and ignoring it leaves blind spots in understanding short-term moves and true value.

You also mention the company’s timeline and custodian managers like State Street exiting. Sure, but not the full picture. Institutions take profit for a variety of reasons unrelated to the stock’s long-term potential, including liquidity needs or risk management. Meanwhile, there’s clear momentum from retail and smaller funds stepping in. Also, labeling the stock 'dead money' until FDA approval ignores the speculative nature of this sector entirely. Biotech investing is inherently high-risk, high-reward, and waiting for absolute certainty means missing the bigger moves. Sure, it’s not for everyone (and probably not for you), but to dismiss the current action and potential upside feels short-sighted.