Until we see another update on that one really has no idea. I'm not married to the LII's but I think I've seen someone mention which MM has been selling for them.
I've also been in a couple stocks that have had a steady seller, usually someone from the company that was in previous to a merger. Some may remember CTIX had someone that was in with Leo when CTIX started trading and that person was constantly on the sell button till he was out. Finally he was out but it took time, and more importantly it took the volume to allow him to get out. So, if Aruda is the wall we need to get through, eventually we will. And if the timing is right, as we go into April with the building catalysts we have, they'll exit as we go up. For whatever reason someone would be selling and not let the market set the stock price I have no idea. To date, prudence and science, say this should be much higher. Maybe they're not market people and just want their money now.
If all goes well, someday they may realize their poor judgment.