With low stock liquidity market makers will not take the risk in today's world as to offering stock that they do not have. That is the facts in illiquid stocks like ACRX with limited floats. Now in the not-too-distant future----perhaps after they sign some marketing deals with Big Pharma----you will see th firms that are writing research---Cowen, Piper et al----look to do a nice stock offering to address this problem. For the forseeable the stock will remain volatile as more dice-throwers enter the arena to play ACRX. If you have your position in place you can relax or pick up more on the volatility.