Ayala Pharmaceuticals Inc (ADXS)

[equaloppforall]

While it would not be prudent to call out a pattern using just 3 data points, it is interesting that Adage sold fewer shares during each of the last 3 trading days - around 530k at 4.68 on 9/22, 430k at 4.38 on 9/25 and 300k at 4.00 today. If they are indeed covering from their own box, it would suggest that they are doing so by selling the fewest shares at the lowest price. That would make sense. It is admittedly a very small price range for a company like Adage to really worry about, but I still find it curious.

On the flip side, if Adage intended to fully vacate its position, it makes little sense for them to have sold so few shares (which they knew they had to declare to the SEC) in the $4 range, and not higher, knowing that they still hold 4.7 million shares to sell.

I still think they are either covering using the box or rebalancing at the end of the quarter. But we'll know soon enough if my speculation is misplaced.