Way overreaction. Merck just spent $3.85B on IDIX which could be a "crapshoot". They were after the Ovarian cancer windfall and that is now gone. The lung disease market is much bigger. Anyway, today's surge should have had NOTHING to do with Merck and everything to do about the Phase IIB Lung trial. Now foolish panic has set in (again). We shall see if the Analysts chime in.
The only thing this does do is get out the dreamers who were hoping for a Merck buyout. This stock is about its pipeline and results from that which are not going to be known until late 2014. The traders are wrong in jumping in here for a quick buck, but long term this has tons of potential.