I think that the spike in volume at the end of the day was caused by Omeros being added to the Russell indexs. This has nothing to due with investment managers view of the company, but their need to own stocks in the index. The good thing is that these shares are now in the hands of stable long term holders, or at least until June 2011 when Russell indexs rebalance again.
Perhaps, but the company had previously stated they would be deorphanizing at least one GPCR by the end of Q2. The magnitude of this could be quite significant as illustrated by this $200 million deal between Novartis and Heptares late last year.