Starting the year at $3.85 Oncolytics rose steadily into the middle of February when it published positive phase III results.

Reolysin treatment, in combination with carboplatin and paclitaxel, performed well in a Phase III trial of patients with head and neck cancer. Of 105 patients, 86% exhibited tumor stabilization or shrinkage versus 67% in the control group.

Oncolytics quickly rose to $4.70 on this news where things were looking good, until a common stock issuance was announced at $4.00 a share. As expected, the stock pulled back to 4.00 for a week, and has not recovered, most recently closing at $2.95 on April 5th. A rather drastic pullback with no negative news, it's safe to assume that this is most likely an overreaction by many investors selling off after being burned from the public offering.