A lot can go wrong in P 3 studies, with unexpected safety problems being perhaps the greatest risk.
While I think the odds are in favor of positive results, I too would be happy with any PPS increase. I have been burned so often by small biotechs, I am now paranoid. While I like the current risk-reward ratio, the world will not end for me if INSM tanks.
So I'm going for broke and hoping for a home run. If all goes well, I will still be holding my shares five years from now and I'll be considerably richer, especially if IPLEX returns to prominence.