Well, the majority opinion here may be that the latest Form 4, which disappeared briefly again before the market opened today, reflects sells by Dale's entities.
I don't agree with that. I think these shares are being accumulated for transfer to a partner in a stock-for-stock merger agreement. I really hope that is correct, and that the partner proves to be Novavax.
But, a new potential partner's name seems to be developing, perhaps under the same umbrella of companies corroborating with SpringWorks Therapeutics. And we still can't discount that these shares may be going to Baudax/TeraImmune.
I believe either the 10-K or the Q1 10-Q actually mentioned both a possible business combination, as well as partnerships. So if interest in a business combination was re-kindled, we could see shares going to more than just one other entity.
Further, I think the HGEN share price projection could explain the back-and-forth movement of the Form 4.