I agree as its not strictly individual investors. The problem is that one company can have multiple funds and other external entities, so its not real difficult to accumulate a position without reporting a 5% position. What you usually see is a report that they own 7-9% before its released in a SEC report. I know at 5% they have to report, but they have a grace period of 3-5 days. We might be getting close.
My thoughts are that MNKD might be selling shares directly to a given entity rather then on the open market. This way he doesn't run the ATM causing pressure on the stock and allow shorts to gain more shares they can leverage.
Matt didn't have any real concerns about their current cash position and that tells me they have a deal in the works. Maybe they announce something at the upcoming ADA conference or they could be waiting to allow the investor to accumulate more shares?
The price action is amazing as it went from .66 to 1.88 on big volume had a normal pull back on profit taking and more shorts entering. Two nice moves up on Monday and Thursday. Shorts are having a tough time as they add more shares, but can't keep it up.
News 
Market Data 
Discover 
