As far as I can tell there is no "organic reason" for this. Would be interested in the opinions of a select few here, you know who you are; the rest of you worthless yappers can remain silent please.
Somewhere in the neighborhood of 12 million shares changed hands while the price was above the conversion price of $5.31. It will be interesting to see if the short interest blips up on the next report. By shorting above $5.31 holders of the convertible bonds can lock in a small capital gain and then continue to collect the high interest coupon until the bonds are called. Such a trade eliminates risk to the upside and leaves profit potential to the downside.
Even though it didn't last very long, I view the last week's trading very constructively. Be interesting to see where the bottom is and how long it takes to make another run into the 5.30's.
Just more unsubstantiated manipulation. I'm not believing any of it till I see absolute strength in a crushing bear market. The MM and his cohorts are simply putting an arbitrary valuation on EXEL to suit their needs for scraping a little off the top. No news. Nothing has changed, and if you wanted to buy, they've given lots of opportunity well below $5/share.
JMHO, but I think this is just another component of a far-reaching shake-out to disappoint longs out of their positions. Don't be fooled. EXEL may go back down into the $4's...but it's certainly going much higher than the mid-$5's on the strength of upwardly positive data flow.
I do not not consider this a buy-in price.
Well, I'm not one of the select few, and I only have guesses, That said, here are a few possibilities:
1)new entity establishing a large position
2)run-up to earnings
3)leak about OS results
5)monetizing non-core pipeline assets
Probably not a partnership or buy-out.
I doubt that anyone here really knows.