Looks like a non-event to me. Starting up a clinical trial is expensive, so the vast bulk of the money is committed. We've been over this a few times; I maintain my position that the PV on-label use opportunity is not something that should affect the stock price today (you want something to chew on, consider the RA off-label use opportunity).
I haven't read the Leerink Swann analysis, but it is a common failing of analysts to comment on the present value of what amounts to a a car either 18" away from hitting a wall or 18" away from winning the Indy 500. The PRESENT value is meaningless.