I can think of a few of reasons.

1) I have often seen totally illogical pricing (with many different stocks) during summer when big money is off vacationing.

2) Maybe even the smart money doesn't actually know what's going to happen. Maybe they are waiting for the inside scoop from VZ about actually issuing (or not issuing) the permit.

3) Like it or not there is a widespread perception that KRY is a POS. So much has been promised so many times without anything actually happening that maybe nobody cares or believes anymore. Even if things go well it may take time for KRY to regain any real credibility.