That was going to be my answer too, you beat me to it. A stock's price is based on expectations. This why a stock moves on anticipation of, or sudden announcement of, unexpected news that implies a change to the company's future free cash flows. So if good news is expected, the price will rise before the announcement (all other things being the same, like general market conditions, etc). How the stock reacts after the anticipated good news becomes affirmed reality depends on how much it already rose in relation to the magnitude of the news, and how many people in the market already expected it.
Since these are all unknowable, the only answer to "Will it rise or fall after the trials results are un-blinded?" is: it depends.
And then the news might make a partnership more likely and if that wasn't priced in properly, that could put some continued upward pressure. Notice, again: it depends.
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