Kate, firstly I have always appreciated your evidence based...

Kate, firstly I have always appreciated your evidence based views especially in Charting, second I'm not adept at charting and not a trader I haven't used "Twiggs Money Flow". I have gone to the trouble of "googling it and see it can be used to fine tune trading entry and exit points.

In respect of the recent activity I suspect it is largely trading based as there haven't been any significant holder notice changes over the last 1-2 weeks despite a very large increase in trading volumes. Unless of course there are mechanisms for trading accumulation of parcels of shares by a single entity under multiple different ownership entities. I assume that may be possible at scale for institutional investors but not retail investors?.

The recent changes in Money Flow seem quite volatile, as opposed to the prior periods in the chart which have the appearance of more prolonged/directional moves. The recent period suggests to me difficulties in "price discovery", as if the market is trying to assess true value?. This would fit with the uncertainty about acquisition of the Oncovirus platforms perhaps?.

I would also observe that most of the recent dips in Money Flow have been pretty short lived, the 3.1-3.8 range, and 4.1-4.8 range for example.
The TMF suggests to me there continues to be sustained levels of buying. So maybe there is accumulation going on but if that is happening I would have expected to see a change in holding notice?.

The TMF chart doesn't have the "unloved" appearance June 2019 and early October 2019.

Anyway appreciate your expertise, Im not one for dropping in and out of IMU although I appreciate its been very tradable for many here.
With respect to Pharma interest the EGM outcome was a significant risk mitigation milestone, and has seen the rerating of IMU by the market.

Apologies this post contains no charts!!!.

Karthur