It appears as if SNTA's Hsp 90 results have created concern about OGXI's heat shock protein pipeline. While SNTA's P2 results were disappointing, lung cancer is a notoriously difficult target (I'm bearish on 011's prospects in this application.) Additionally, there was some insider buying after SNTA tanked - for whatever that's worth.
SNTA's Hsp90 seems effective, but perhaps not effective enough. I believe the recent downward pressure on OGXI shares has more to do with doubts about 427 than pricing in a 011 failure. Investors may be concerned (or shortsellers may be hoping) that heat shock proteins, in general, will produce the kind of results recently released by SNTA.
Correct, Ayers had no OGXI per its last 13F (covering Q4.) Highly unlikely that the fund accumulated and liquidated the same position in Q1 since Ayers does not appear to be closing and OGXI is a lame trading stock. While someone else could be selling, I'm wondering if a more jaded view might apply. With a OGXI-011 binary event approaching, this might be a case of a fund seeking to accumulate shares ahead of the event by "shaking the tree" (trying to buy low by bear raiding the stock to shake out jittery shareholders.) Stock price manipulation has become a hackneyed expression among retail investors, but absent any unfavorable news, I'm at a loss for another explanation.