Where do you get 700,000 shares from. From the research I was able to do I see a last filing on Feb 7 2012 where Occitan owned 3,548,208 shares of ALXA. Maybe that is old info but to me that would explain alot of what was happening the past few weeks after TEVA deal.
They basically dumped these shares over the past few days. Filings show that in January they were actually adding shares. This is the reason why it fell from high $6s back to mid $4. If they had not tapered off the pop we should have doubled because the milestones are worth more than the current valuation.
Go to WhaleWisdom then look up alxa. Check how many shares owned by Occitan. You can also go to the alxa website, look at the sec filings. You will find form 13g which will say Occitan owns 0 shares. Compare that with previous filing tracked on WhaleWisdom.