$heff's $tation of $tocks & $olid DD

[barefootrunner]

Agreed. Someone on the ALXA board asked me about it. My answer below:

I haven't looked at the time and sales, but I am fairly certain this has something to do with ALXA being added to the Russell 3000 index and the rebalancing that occurred today.

My guess is that a lot of the volume was a pre-arranged transaction between funds - for example - fund A (the buyer) called their broker and had them find fund B (the seller) and the trade happened in one big chunk. Or the broker may have had sufficient shares of ALXA in their own inventory.

With a low volume stock like ALXA, large buyers will not just do market orders and sweep the book, as it would move the market and give them a less than desirable cost basis.

I haven't looked at the time and sales, but my guess is that the big volume was reported late in the day or just after the close.