After some thought, I think the recent price drop was probably due to lack news to sustain the recent climb. Hopefully, there will be some new in the two conference presentations next Thursday, June 7.
If anyone has any other insight, please share with the group.
Antonio, you have heard the saying 'sell in May and go away' until the following fall, haven't you? This year appears to be different. Those who followed this annual ritual have to buy back at higher prices. There are other factors. (1) a few months ago, Adam Feuerstein implied that PROVE trial data might be presented at the DDW meeting held last week. I am sure many were disappointed seeing no presentation. It is too early to see meaningful data from PROVE 2 or additional data from PROVE 1. (2) Many have low expectations after PROVE 1 data released in April, and further disappointed by the recent webcast where the presenter repeated old data for 12+0 wk 16 patient arm. (3)Biotech stocks generally market-underperform between press releases. Many short biotech stocks. That is why share prices jump 100% or more when news is unexpected. Have you followed DNDN recently? When PROVE 2 data are released, I predict that we'll see a tremendous jump in VRTX share price as well. There are good reasons for this. I'll tell you the reasons in another occasion.