This may not be the beginning of the big runup to approval and beyond, but to dismiss it, and the accompanying volume would be a bit dismissive, considering no bad news events are currently on the horizon. No need for further diilution, no bad test results, no partnership letdown, because they finally quit playing the "partnership is coming soon" card.
There could be negative events coming, we've all seen them several times, but the really bad ones come as we await a word from the FDA and then they change the game. No thumbs up or down from the FDA is expected in the next few weeks by anyone.
I guess I would say that the runup has to start at some point, and I don't know how anyone can say this is, or is not the beginning.