Or it could be that since the selling pressure is

Or it could be that since the selling pressure is gone, now investors are actually buying to invest long term. For example, if you believe NGIO is worth at least the $300M valuation they had (via analysis), and GNBT keeps 75%, then they would hold $225Mnof NGIO. With 78.22M shares outstanding, and not giving anything else GNBT owns any value, then that $300M NGIO valuation would make GNBT worth $2.88 by itself. So buying at these prices would be very beneficial.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.