I am as hopeful for a speedy approval as anyone, but the longs here must face reality; this news will certainly take the mojo away from the stock for at least a few weeks. And if you;ve followed this stock for awhile, then you know that it performs terribly when it loses that mojo. I want to buy back in badly, but I fully expect the decline to continue for weeks. That's the reality of the situation, unfortunately.
I'm long and have been for awhile. I'm holding what I consider a healthy core, but between PM yesterday and AM today, I sold 2/3 of my shares at an average of $37/share. I think the stock might drop a little lower and then consolidate for a few weeks before heading back up. There is no imminent news to push this up now that the date is pushed back a few months, and the technical indicators were high and are now looking to reset.