i think you answered your own question here when you realize what's at play here:risk and reward. In most stocks you find first the speculators, they bought big and early, if they are right they get the big reward. Then you have the traders, they make decent bucks when their timing is right. Some are buying long or short right now. Finally comes the investor who's not willing to risk too much so will wait for fda approval before coming in. That's when you'll see prices go into orbit, and that's when you'll see two bucks plus at approval and maybe five to ten bucks for a buyout offer of twelve dollars..........
GTLA