I think that if there's any significant deal that ISIS will pop 10 - 20% just on a short cover rally/squeeze IF the market puts 1 and 1 together. I agree that in the scheme of things ISIS has $650m in cash and that an extra $30m or $50m isnt a big deal - but I'll bet most analysts or shorts wont be expecting it (funny how people forget that OGXI's drug/technology is actually ISIS's)
I just try to ALWAYS think outside the box and I will be "watching" ISIS going forward. It's unclear to be where the bleedign stops on the ISIS chart - but it seems cheap (might get cheaper)