The AXAL MAA is not as consequential as some people probably think insofar as the profit potential from conditional EMA approval is pretty modest, IMO. Related discussion in #msg-138560445.
I would like to be wrong about this, but the market evidently agrees with my take, at least for now.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”