All of what you say is correct. 

I believe that anyone who is bullish are well positioned.  What is going on is weak retail hands selling nervously ahead of what they perceive as a totally unknown and binary outcome.  It is the nature of biotech investing.  

Until we see really big volume days, the market message is of continued nervousness.  Then there is this loan which needs to be rolled again...which means yet more pressure on VWAP.  

Anyway, I am resigned to waiting till Sept 24 or so for top line data.  FWIW, I understand today was a board meeting at RVX.