FDA rejection is much better than FDA Approval! from now on, pray your pharma stocks not to get the approval and go up :)
I really do not look at it as a rejection. I see it as a tentative approval with some conditions.
Well, it might take up to a year for this to get the approval. Nobody knows the date yet, it is all guess between 2 months to a year, so still this stock not going down is a bit fishy.