The announcing of a trial start relaxes the antsy because they have a time frame. Some people may buy but not as strongly as a trial end which is weaker than a runup into topline data which is weaker than the pop when primary endpoints are met etc. all the way to final FDA approval.
There are no absolutes, which is why setting targets and and trading around a core IMO lets one cover the bases. Of course, missing the endpoints or outright trial phase failure will give a gut wrenching drop. You are 100% correct about money management. No matter what, there are no 100% sure things.
The current IPIX run up is all about trial results news. Huge payday or haircut....no in-between.
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