My hunch is that the MM's are holding the price down since the Anson deal and all the soon-to-be-executed warrants that come with it. It seems to me that they are looking at the worst case scenario where there would be about 250 million shares of GNBT out there after phase D warrants are redeemed for stock.

Prior to this deal GNBT's market cap was $60 million on about 90 million shares. If the MM's assume the worst, those 250 million shares still put the market cap around $60 million with a stock price in the $0.20's. With no recurring revenue streams realized yet and no significant stock buyers stepping up to the plate, the MM's have no reason to change their perception of where the stock "should" be.