Since the AdCom, it's likely that several hedge funds/prop desks, who've continued to short and cover and short again ( while adding long positions as well near the low end of the range for the eventual long run up), will decide to unwind their short position(s) in a range to the upside with the DEA catalyst, or soon after it, on upward buying pressure. It will create further upside, and we'll likely end up close to the high on the FDA approval into a positive Europe decision with the launch in play already. Wherever we end up, it will be a higher range as the shorts won't get the shares through the dark pools from which the long institutions are getting their long blocks now. Dark pools work for long accumulation because, in low volume, the market maker, BETWEEN KEY CATALYSTS, can take the PPS down artificially, take out the stop losses we've seen taken out (3-5% ranges), and then bring the PPS back up to the goal posts (Best BID-ASK), where the transaction is shown to the market as one transaction. The MM makes money on the margin, the institution gets in without showing the transaction (and avoiding major front - running by the market), and some retailers give up millions of shares collectively (where the price represents immense profit built in, and therefore, there's a temporary perception of loss by some retailers who watch a PPS relative to their entry points, as opposed to where it will be ahead). The reason the shorts won't get dark pool transactions on a major short-covering of ARNA is that the key imminent catalysts - all of them potentially representing a much higher valuation and capitalization for Arena by the market - will bring HIGH VOLUME. With new retailer interest, existing retailers holding into higher ranges, the MM wanting to sell shares they've accumulated for so long ( shares beyond dark pool agreements) at higher prices AT MARKET, and so many shorts as mandatory buyers, the transactions will be AT MARKET ON HIGH VOLUME.