"...might need to churn another 10M to 20M shares around these...

"...might need to churn another 10M to 20M shares around these levels."

If you're right about churning, Strauss, we won't have long to wait - turnover in the last five days totals some 65m - ie av 13m a day.

As for Transgene, I notice the stock yesterday hit a three year high - signalling that Novartis will exercise its TG4010 option.

But Novartis has another lung cancer drug that it's fast tracking.

Novartis may yet do a Roche and forsake Transgene.

But if it does, Transgene will activate Plan B.

As we know, Transgene is close to Sanofi - they're both spending about $A7.5m to build a TG4010 manufacturing plant in the Lyon pharma hub.

In saying no to TG4010, Novartis might present another VHL buying opportunity.