Orbimed is getting out of a number of positions right now, of which ARYX is only one.
Also, Orbimed got these shares on the cheap, and made a nice profit on their sale.
Most importantly, given their "insider" status (they owned more than 10%) the SEC will be all over Orbimed in a nanosecond if bad news comes out in the next few months (info on upcoming catalysts like partnership(s) and clinical trial data is without question material nonpublic information). For guys as rich as Orbimed, this is clearly not worth going to jail over, particularly in this anti-investor political climate.
But the speculators can continue to speculate and shorts are already trying to make hay out of this non-sense.
one thing the shorts will almost certainly ignore is how sophisticated and well-informed the buyers of Orbimed shares are and how much due diligence was involved in making the purchase decision.