Regarding your query - (sorry for the long post, I know many...

Regarding your query - (sorry for the long post, I know many don't like long posts, but I do only 1 or 2 posts on each thread a week, so try to put all my points - hope you understand)

So long story short: do you think this wave is just a Trader-initiated ramp and pump? or a sustained interest from new investors who are convinced by the pipeline and recent positive result?
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I don't think its easy to answer these type of questions. Reason being, the phase we are in, is what I also call Stage 1 - hype/hope/potential. In this phase, its very difficult to quantify things. You can have an opinion, but very difficult to put numbers - eg if one asks what should be market cap, a bit later, after 6 months etc. Because potential/hope is abstract. As they say, beauty lies in the eyes of the beholder. Somebody holding SNT may think that has the highest potential, hence they are holding, hence they feel it will 25 or 500 or even 1 billion market cap in medium term. Others not holding may not look favourable. Someone holding DXB, or BOT, or PYC, or MSB etc feel that has much more potential. Possibly because they are holding - and beauty/beholder theory comes into place. So there is no right or wrong here - just shows, we don't know.
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In the same vein, I wrote yesterday, how difficult it is to quantify. 3 big research traders/investors put 8c/10c/20c and that too on old share holding. Which is now increased by just under 20%. So if we apply new shares into their share price, and talk in market caps, instead of 8c/10c/20c - it may read 6.4c/8c/16c. Now when you look at it, we are already over 6.4c, we reached 7.3 and closed at 6.6. That investor was a big buyer in 2.8 offering. Had a target of 8, which is now 6.4 - in effect realised their target. What do they do? Do they sell out because they reached their target? And why are we getting so wide variation among professionals too - because its difficult to quantify.
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My dabble with Bio stocks is not as great as many others on HC. The biggest I had was IMU where I played from 2 to 50. I still remember the day I sold - I asked on the forum - have I done the right thing. Most said yes, though they were happy to hold. IMU went up to around 64 I think. I felt I missed a big run. But then there was a news article questioning IMU market cap. It really didn't recover from there. When it was coming down, I tried to buy once in 40, then in 30, then in 20 - all the times exited immediately with a small loss. Have not bought since it dropped below 20. Last 8 months my experience has been with DXB/BOT/PYC. All 3 stocks I was writing in my weekly reports. I played DXB a bit in mid teens, made some profit, but missed the big run from 20 to 30. But then bought back, played upto 60s, took profit on the way. Recently it came back to below 30. BOT in teens, played to 40s, it has come back few times, but 30 has held well. Now again on another rise. PYC I bought another 8, played up to 20. Now its easing a bit. But I do trade, after every 30-40% gain, I sell some. That's my play, of managing risk, doesn't mean its the best play. At the end of the day, every one's risk level is different.
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SNT had a big rise from 4 to 7.3 in short period leading up to in anticipation of interim results. The play was Stage 1 - hope/hype/potential. This is the best play, where odds of making gains are very high. If one plays well, mostly they will be on the winning side. The second play is what I call - Stage 2 - Reality. Many times, this is a binary event. Big gains or big losses. I usually avoid it. So I was playing Stage 1 till now. Question you are asking in affect is - for now the Stage 1 hype, is it over or has got more legs? Don't know.
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If we think some big players, or say those who were covering us and buying, Bell Potter and the other, they still haven't reach their target. So they could at least make sure that price doesn't collapse, even if there is no significant rise.
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Then SNT itself. Those playing from PXS days may still be at a decent loss. But anyone playing this year, significant gain. 3 to 4 bags already from 1.4 of April. A big from 2.8 raising. Lets look at Hashan. Before the raise in September, he practically didn't have much SNT. He picked up 53m shares at 2.8 and put $1.5m. We all know he is for the run, or at least we hope. Say SNT reaches 10c, Hashan if he can sell there would have made $4m gain in few months. What if he decides to cash in. 4m is 4m. I don't expect it, but one should never rule out. Those big buyers at 2.8 and covering the stock may also feel like it has been a good journey, a good gain. So there are some candidates who can keep the price here, for some time.
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SNT itself have had ups and downs. Reached 5c in July, then came back to 2.7. Then reached 5.8 in October and came back to 3.6. Now reached 7.3, is 5.6 the low, or we see a lower low? I don't know. Odds favour a small drop before the next big rise, based on patterns etc. One of the reasons I am playing very low. But that's odds. There is no guarantee.
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I usually follow price action. So I will look for any signals, big changes. What we know now is that there is a small trading range between mid 5s to early 7s. Will it play here, up and down, before an announcement or a big player joins? Or many sitting on good profits may put a pressure on SP? Its certainly an interesting phase. I will be watching every trade. Not sure if I have answered your query, hopefully some of it. I wish you well.