Actually I think Eric Swartz has to keep buying and that is a double edged sword.
You see SK, Paul Lytle and staff don't have to buy in case of a buyout, they probably get to go with the acquirer or get a golden parachute deal.
But ES is a director..come a GSK, DNA, Roche etc.. buyout offer, he is sh&t out of luck in that sense. So he hedges his bet. He stocks up on shares in increments to set a buying precedent that allows him to buy even right before a news event comes out that the other insiders can't do because they have no history of steady buys, higher, lower and in between..ES is sharp, and wiley like Coyote.
The bad thing is we hope that this is not a precursor to a tender offer. Hopefully it is just prudent buying by ES and his investment vehicles. He has accumulated a very sizeable stake in Peregrine, and with the recent parabolic, halcyon rise in PTSC shares, he is now flush with leverage, and when/if he does divest or liquidate some holdings in PTSC, he just might redeploy some capital towards PPHM's way. Also do not count out Kleiner Perkins Caufield and Byers as source of funding..http://www.kpcb.com/
Take care Sean, and keep the faith. Tarvacin is elegant in its simplicity. That is a beautiful thing.