So, I listened to the call. News is expected next week, folks! It's CF data, and if it comes back positive, then we're off to the races, as this sell-off is nothing more than a response to Wedbush throwing up on the floor!
Could be a bit more to it than that. Lewis offered a little too much visibility in that presentation -
[ What we'll need for (accelerated) approval?
That's going to be a dialogue with the FDA. And frankly out of respect for them we will not be coming out with a comment on whether we're filing or not when we have the data release at the end of March. We're going to wait until we have had dialogue with them based on the data we have to inform where we go from here. ]
Firstly - the professional investors now know they have until the end of March to persuade retail holders to part with their shares.
Secondly - they also now know that the Company will release the results without commenting on whether or not they will file for approval on the basis of said results.
Unless those results are absolutely spectacular, the professional investors need only engineer a sell-off on the news to nip in the bud any immediate accumulation phase - given themselves an additional period to accumulate at the expense of those retail holders who will assume from the sell-off that a Phase III trial will be necessary.