I am no fan of this BOD nor a strong proponent of management (outside of Petit)
However if the theory of a handful of us is correct, there needs to be a catalyst event to launch any planned run. This event doesn't even need to be as significant as the Amgen deal. It just needs to significant enough to use as a pretext for launch and flipping the HFT algos setting to inflate.
This has been pushed down so far that right now the value of the science is basically at $0. I think now that they are covered, if we follow the money the path of least resistance seems to now be up. What I am not sure of is what level they will target or what level they may consider re-shorting. Obviously there is a huge difference between $6 vs $16 vs $26. Then again the next early 2015 style pump they orchestrate (if that were to happen) might be the one leading to an eventual sale.
I don't have any answers, only unprovable suspicions after watching the trading here closely since 2015, and especially the last 9 months.