They buys performed before the announcement are a lot more telling
P 2011-09-21 2011-09-23 17:03:52 Transcept Pharmaceuticals Inc TSPT Pepper Douglas A various various various various various various va 217,228 $7.24 $1,573,120.00 1,983,880 4.26% view
P 2011-09-21 2011-09-23 17:03:48 Transcept Pharmaceuticals Inc TSPT Kjellson Nina S various 10% owner 217,228 $7.24 $1,573,120.00 1,983,880 4.26% view
P 2011-09-21 2011-09-22 17:16:45 Transcept Pharmaceuticals Inc TSPT Ehrlich Christopher B director 10% owner 217,228 $7.24 $1,573,120.00 1,983,880 4.26% view
P 2011-09-20 2011-09-22 17:16:45 Transcept Pharmaceuticals Inc TSPT Ehrlich Christopher B director 10% owner 514,848 $6.59 $3,390,270.00 1,766,660 16.32% view
1.2 million shares bought in the $7 range
195k shares sold after, how about that