Oh, I think the traders are holding some...
...and that's the reason for the higher lows. I think initially, the traders get in to flip on the runs, but even they are smart enough to know that they shouldn't get rid of all of their shares. Genta just offers way too much upside to to that.
So you see the runs, you see the sell offs, but you don't see it going back to prior lows, and you won't see that. Once you're in at these levels and start doing some DD, you'd be an ignoramus to get rid of your entire position.
That's the reason for the higher lows. Traders realize what they're holding. The more people who research the security, the higher the lows get, simply because they don't want to risk not being involved if approval comes...and from the looks of it, approval is coming.