The shares had plunged more than 60% following the April 10 Complete Response Letter—the second denial for the melanoma immunotherapy despite an initial advisory committee vote in favor—and subsequent announcements of substantial layoffs (escalating to over 200 positions in Massachusetts). Yesterday’s close near $1.86 reflected sustained pressure near all-time lows. Publication of the high-profile Wall Street Journal opinion piece, which detailed clinician frustration, highlighted inconsistencies in agency and political statements, and framed the decision as overly rigid, generated widespread media pickup and debate. This renewed visibility, combined with elevated call option activity and trading volume exceeding 10 million shares, triggered speculative buying and short covering in the heavily sold name. No new clinical data or company announcement occurred.
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