1. An entity is slowly purchasing a large position in PPHM that presumably started on September 24, 2012 and has been kept confidential under the SEC's confidential treatment rules due to the ongoing class action suit.
This 4 page document is a must read for anyone interested in entertaining the theory. It explains in detail the rules that apply to such a discreet (and fairly common) M&A tactic:
Again, a friend of mine said that an ongoing class action against management could very well fall within the guidelines for confidential treatment of an ongoing acquisition program.
This is what I believe is happening. Remember, we hired K&L Gates sometime in spring of 2013. And it was right after management went to NYC and Boston for those investment banking meetings that we never heard about.
If you look back at every quarter since fall of 2012 there has been a large amount of volume at least once a quarter. Think back to the pancreatic cancer trial results. Some 36 million shares traded. That wasn't even a big trial for us. It was a phase 2. Then there was fast track for another 30 million shares. And about 10 million shares a day all of January 2014. And then 70 million shares in March on no news. Then there were the 20 million shares worth of OTM call options that were exercised out of the money with no explanation.
Then the PPHMP out of nowhere when we already had $40 million in the bank.
None of it made sense unless the above theory holds true.
And from the drug development side of things the dismissal of the class action is lining up to happen a quarter or two before the possible first look-in of SUNRISE, the MOS data for the liver trial and possibly some ORR data from the melanoma trial. So, in theory, the CA is fully dismissed and then you have these huge catalysts that would create the volume needed to buy the remaining shares that would get you to, say 60%, like in the Roche/Genentech deal back in 1990.
If I had to guess, I'd say that the Class Action lawyers are trying to get the final dismissal bumped into April to buy themselves another quarter under the CT order. So I'm personally looking 6 months after the CA dismissal as a time when I re-evaluate my investment here. If nothing happens by then, I'm probably out for good.
The second possibility is that someone with a lot of money is manipulating PPHM stock (probably with inside help) for simple financial gain with no real interest in SUNRISE or bavituximab. But that's pretty short-sighted...and it hadn't been happening (volume-wise) since 2012.
I leave it as a possibility and wouldn't put it past some of the characters involved in our operation like Dart, but again that is short-sighted and the risk/reward profile doesn't justify it IMO.
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