Charles Casamento has exercised options on 30,000 shares recently (10,000 share lots). One reason for exercising options -- and not flipping the shares -- is because you believe the share price will be at least as high in twelve months -- if not higher and you can then take a long term capital gain instead of a short term one.
The more interesting exercise is Manuso of 360k options on 4/3. They are from the 2003 plan and it appears they vest quicker than the other directors options. Getting a feeling now I know why they increased the options in the 2003 plan last year as part of the proxy filing. I think this group is seeing positive results coming in from the data points on these trials. A few sales over the last 6 weeks but they have been small and could be for a host of reasons.