Buyers were willing to grab those shares to double the normal volume. The news recently about Azimuth Capital is a good one. Several companies have benefited from the cash infusion if they received it from Azimuth. Azimuth will benefit from a rising stock price. Xoma jumped after the Azimuth coverage. Each company is different. I'm wondering if they don't want to prevent a takeover as this would cost them more in the end. Azimuth also has its hands in one that has a similar background to Synta.... hmmmm.
Watched the ticker and seen some large buys again today at noon. I also noticed the institutionals have come to the party like the AIG buy in June (old news). I don't think they came early (they usually don't buy unless a stock is at least $5) without a reason.
more news is yet to come. I am still holding thousands of shares and even though I could cash in, I won't for several reasons. One key factor is they brought in Mr. Kufe, who has a tremendous knowledge base. Two, is product attack in an area that will bring if successful, a very lucrative earnings potential. Third, I have watched several large companies using cash to grab the tail of smaller companies.