I think that's certainly a play here. It's what many did on AXSM and SAVA. Prices were so low you could go in with a safe amount before results and add at 50% higher prices after its been plenty de-risked. Trust me, many investors are looking to do just this without taking on the added risk. At current share prices or anything in the single digits really, very smart play IMO.
Keep in mind your long term shares at lower tax rates than new shares as well. New shares at the expense of long term will garner 37% versus 20%. Holding all long term and adding newer shares probably the better way to go if this gets acquired.