NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

A legit buyer of substantial equity is interested in what they perceive as outstanding value of the company they are buying, not to game the market, though perhaps if it's a hedge fund the latter could be part of their business model. But word leaks and if word leaked that XYZ hedge fund is acquiring a large position then the stock price pops and they would have shot themselves in the foot isn't it?

Besides which in your scenario they would already somehow know it's a sure thing before signing the NDA and getting read into the game-changing news? Doesn't make sense - they wouldn't even need disclosure in that case. Anyway, a large buyer presumably values the business highly and if it's a business partner then they would be focused on buying the business interest and making a lot of money off that, not nickel and diming any deal by gaming the market if they are not in the equity trading business.