Insider trading would be relevant if LC bought or sold shares...

Insider trading would be relevant if LC bought or sold shares with knowledge of unannounced price-sensitive material. Converting in-the-money options to shares is irrelevant. If the SP goes up by 1c on the subsequent release of price-sensitive material, so to would the options. Same if the price goes down. Its a zero-sum gain or loss.

Too much being read into it.

Focus should be on the progression-free survival of patients in the HER-Vaxx trial. The irony being that the longer the delay in an announcement, the longer the progression-free survival. SP should be getting stronger each week there is no announcement and actually go down when the announcement is made (effectively representing a cap on the benefit of the drug. Selling due to a delay in an announcement would seem due to a lack of understanding ...