Light volume and bid support allow it to be dropped down on low volume.
The buyers will come soon IMO. Just look at AVNR, which also has a PDUFA date in October. Once ALXA gets some additional analyst coverage, it should move fast!
New here but just wanted to comment. I heard crammer say once when he was running his hedge they would work it with small blocks to build a position. Already owned by 30% institute and 30% insiders. Maybe more institutes trying to build a position under 3. Other then that dont know.