So where do all of the shares come from? It has been trading millions per day over the last several days, with little upside movement. A few weeks ago, if there was that kind of volume, it would have pushed the share price up considerably. The only thing I can imagine here is that additional shares are being poured out in a way that the trading range is being held in control.
The open interest on the Nov $5 calls is huge. The option buyer(s) made heavy bets on the positive release of the EOA of the hand data, before option expiration in Oct., and that went bust. What is the option buyer, for this month's expiration, expecting to light a fire under the stock? Maybe the Baker brothers have sold call options to collect some premium while they wait for additional clinical data. Interesting that XOMA is marginally up on another biotech slam down day. We'll know more in 24 hours.