BVF fund continues to sell down its Arqule holdings at these levels. Their latest registered sale was a bit over 600 000 shares on April 5th taking their holdings down to 4.2 million shares from over 9 million shares on December 31st. While the selling pressure is still there from that source Arqule is unlikely to move up strongly. It remains to be seen what level of holdings BVF will retain. They are still the largest holder of Arqule even at these levels, I believe.
That's two week old news. The pressure that has resulted from those sales is long since gone. The statement, "It remains to be seen what level of holdings BVF will retain." implies that they are going to sell more, but you really provide no evidence of such a move on BVF's part. One could just as reasonably argue that clearly they were willing to sell large volumes driving the price down several days in a row and have now stopped and are looking to accumulate again.
That assertion also has no basis in fact. Until we have new data points from BVF, it's all just ridiculous rumor-mongering and basher/pumper BS.