Sure people are holding on to ARIA shares but its probably with a lot of skepticism (speaking for myself) where the investor probably has one finger on the computer mouse to execute a sell order in case of dilution. As you pointed out,after pretty good 534 results the share price didn't appreciate too much and thats probably the after effect of Berger's dilutions and skepticism on the part of the investment community on the financial strength of the company as well as management competence.
In the case of ACHN it'll be interesting to see whether they dilute before the next data presentation next month. I'm beginning to think you,rkw and dew are right but maybe nothing will happen till after their next presentation and this intermediate release was simply management sharing good news with their investors.