I also expect the PPS to rise after data lock, if announced, by the way.
I think a number of eyes are on CVM. Some will want to get in at the right time, i.e. before the big binary event a PR on top line data provides. If the data is positive (what we all hope of course), then the PPS should move significantly after top line data. So investors of different stripes will want to move in just before the big jump if they believe the likelihood is high for positive / stat. sig. data.
CVM could also decide to forego announcing data lock (not sure what their position is). Top line is considered a material event in the biotech world, data lock is not, but some companies decide to let the community know.
Best of luck with your investments!
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