If they thought the news was good enough to move the stock to $4, why would they decrease the price of the warrants?  They would be giving up a lot of money.  Not to mention if the news was that good they would be more likely to get a partnership with up front payments and not need the money.  So this actually concerns me a little.  I think we should be planning on maybe a 20-30% pop.  That would make sense to incentivise these warrant holders to convert early.