I agree. A buyback utilizing cash raised for strategic purposes is not inline with Novadaq's management style. They do not respond to the vagaries of the market and its gyrations, rather their demonstrated creed is to focus on the business and the market will eventually reflect their achievements. The cash is not surplus from earnings. Expending the warchest earmarked for building the business on speculatively propping the stock would seem, to me at least, foolhardy, capricious, and out of character for management.
If that were so, why would they wait. The stock went to 17 first. .. It seems more that there are so few players in this stock , buying or selling meets little resistance and moves the stock big, up or down. We can expect violent momentum again to the upside on any day buying will not be matched with supplying sellers.