One thing I can say about the effect of positive news on a small float stock.
If you think the news is Positive and the stock reacts negatively?goes down.
You got it wrong.
Market is always right.
That "Good" news may have already been built in or not been as good as expected?
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So obviously if a small float Bio Tech comes out with Big news on a new fast track drug for cancer that's more important that a drug cure for the red spot on your toe nail.
Bigger the market cap for that drug/more import it is and has more of a positive influence on the stock.