I was thinking the same thing, but typically this kind of inside info leaks after a strange increase in volume. We have not had that despite the very open claims by the ceo that a deal is in hand. I don’t get it. We have had strange million plus volume days and now that this very real game change gets no noticeable change in trading?

I go think the selling is possibly just some algorithm system of reducing risk as much as possible and re-allocating cash into other similar stocks. This stock mgmt really ignores the nature of the investment and focuses on the mgmt of any small biotech investment. It could be investors have had so much time to load up that they are all loaded up. For an algo to reduce risk exposure they need buyers and there are far fewer retail investors than note and warrant holders. The low participation in the TO really shows just how much of the warrant holders are risk managers and how many are in this for the drug. Maybe these few trading days will be different or it might be the volume will come from those that trade the actual news and not the rumor, no matter how obvious it is.