You're right, DARA is going to be a great investment, but not at this price. This isn't bashing, it's single math, which is what everyone should be trading based on, not total speculation of some miraculous buyout or partner coming along. If you're going to trade like that, buy a lottery ticket instead.
Everyone knows that DARA is not going to partner with anyone until they finish Phase IIb trials. This is standard practice. With that said the PPS should be $2.08 based the market cap and 3.08M outstanding shares. The stock is already overpriced. At DARA's burn rate of about 1M/month, they will need more money by about the March time frame, like they did last year. If they do another equity offering, it will probably be at about $1.90 which include the standard 10% discount. After this all happens, then it is time to buy.
Granted, some small bit of news may come out that will spike the share price, and if your a day trader that may be a good time to sell some, but it always comes back down.
Trying to peg the absolute low before buying is very difficult. DARA is somewhere near it's bottom. I think we saw it last week when it sold off below $2 intraday. Any move on volume is more likely to be up, imo, between now and any financing.
This will always spike with volume because of it's low float. The spike will most likely take it way past these prices we are at now. If and when it moves parabolically, take your profits. That's how to make money off of this in the short term. Long term, who knows?
I'm not investing a fortune because it IS SPECULATIVE. If you want to trade on fundamentals, don't trade DARA. Go invest in an established company. The risks are lower, but the potential rewards are too.