He recently bought tons of shares at higher price and has bouight several boatload since 2011. Never sold any. You have to ask why ? He and Dr. Kim believe in science and I think 2013 will be the YEAR for INO.
While I did not like the current placement, they did best in difficult circumstances with no results yet but cash running out. It could very well be for getting new hires in to speed up the program.
I expect some upgrade reiteration from Piper and Maxim etc now that cash position concerns are behaind us.