Fast Track status is a bit of a gimmick - i.e. it has no impact or relevance relating to the likelihood of a drug being accepted. And analysts almost never upgrade or even pay attention to an announcement of Fast Track status. Actually, many people who are long the stock and want to get out, or shorts who want to double up, use the blip caused by the Fast Track announcement and day traders doing the knee jerk buy as an opportunity to sell and increase their short position or take profits. However, here it is a bit different, as the news for the new platform has yet to be reflected in the share price because the share price is weighed down by heavy discounting and bets against the eventual approval of Ganetespib. Announcing the Fast Track after yesterday's investor call simply shows that Gan. is all go at the moment from the company's point of view, which can allow investors to bid up the shares and price in the platform announcement. The massive shorting effort today, simply works into setting up the squeeze as the platform announcement and lack of bad news on Ganet. now needs to be priced into a higher share price.
Oh, and when I refer to Ganet., I am referring to Galaxy/lung cancer. Ganet. and breast cancer is not yet priced into the shares either - providing even more upward pressure on the share price and more fuel for the eventual squeeze which is now starting.