Looking at Oppenheimmer note and Piper, looks to me like this drug makes up about 30 cents per share of their price targets of $5.50 to $6.50. Bulk of their valuation is assigned to the drug already being sold. So this looks like an over reaction. I bought more at $3.16 per market. We'll see.
on the CRIS website you can read the company notes about the drug and it seems obvious that the drug had very little promise of success. It is probably better for the company to stop putting cash into the pursuit of this drug so perhaps this event will prod mngt into that decision now.
Current drug on market has another trial going that would lead to expanded use. That trial results are due out in 2014 1H.
Anyone that was looking to get in or add CRIS shares is getting a good opportunity now.