NBB...you ask what is the point of hedges/industry types doing this....which I take to mean engaging in manipulative trading practices (although not illegal).

I think you answered your own question....I agree, when we have really good news, like an orphan indication, or an analyst reccomendation, FDA...etc etc etc. When/If those type of things happen I agree, we should see a massive spike in volume and PPS.

But you suggest that these "smart money" types should wait for that to happen...and then they should chase and buy high instead of where the PPS is now, low.

FWIW if/when we're close to that good news we're all hoping and waiting on....I expect the PPS and volumes will pick up before it comes out.