This is total speculation -- say someone is considering a buyout of Argex at $3.00. Wouldn't the smart thing to do would be to buy every share you could at the current SP? As long as they don't buy over 10% of the OS we would never know who they are. That is until the offer became public.
After all if they consider $3.00 a good buying point then to them $1.00 - $1.50 is a steal. One thing is for sure -- if a buyout offer is coming being short at these prices would be a disaster.