Explanation for price dropping today while PCJ ready to buyback?

So buyback @350 means company is going to buy the shares from market at this price.
Today Price around 200 before market opening.
If I would think lame today morning…i would think lets buy the shares @200 and then anyways after few days company is going to buy back the shares @350. I will have a profit of 150 per share.

This would be my natural thinking process when I heard the news…I thought that PCJ is going to hit 350 today as everyone else might be wiling to make profit like me.

But why did price decline today? Where did my thinking and understanding went wrong?

it is because usually it is seen, when company buy back shares, it’s price increases, simply because of fundamental ratios, so might they have analysed the stock will touch it soon, as the crash was artificial (operator made).

but the company will decide how much % of your share are eligible for buyback.

Because only 3% shares are being brought back.

Now when company announces buyback price, you can say 350 is the price which PCJ management feels their stock is worth. Which is a very positive thing.

But actually 350 is the price they are ready to pay for 3% of their stocks, lets say if buyback was for 10% of stocks will they pay 350 or 320, just imagine?

This is the reason the market punters dismissed it as an appeasing tactic or an attempt at positive sentiment by PCJ promoters.

But again long term still the stock has gained positive sentiment, that cannot be discounted. So it may reach 350 some day. But it wont reach within a month, like most retailers are dreaming of LOL.