After an uneventful launch with its stock ranging between $4 and $6, on Feb. 10, Pulse announced that Pharmacyclics COO Maky Zanganeh and Robert Duggan, who became a billionaire after selling Pharmacyclics, bought significant stakes in Pulse. Investors, acting on this shift in ownership, drove the stock dramatically higher. The price has become so frothy that underwriter MDB Capital had waived lock-up provisions a month early for pre-IPO holders of 28% of the company’s shares.