The question is whether the ENTA short thesis is MRK’s FDA approval per se... or whether the short thesis is MRK’s FDA approval with a label that’s similar to Harvoni and V-Pak.
The former doesn’t make much sense, IMO, so presumably the ENTA shorts are (were) betting on MRK’s getting FDA approval with a broad and hassle-free label. If that’s the case, a MRK label that requires, say, RAV testing for GT1a patients ought to be quite a jolt.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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