The DXCM SEC filings discuss things permissable for Piper Jaffray to do to as it pertains to the secondary offering. I believe that the big trades on Friday may actually be short trades, which if true, may not bode well for longs. In any event, sure looks like quite a bit of distribution has been occuring in the past 3 trading sessions.
Stan, sorry to tell you, but just because I make an observation it doesn't mean I am short. I truly do believe that the large volume on Friday was connected to the secondary offering and Piper Jaffray. At first I thought these trades were large accumulation, until I read the prospectus. Good luck!