Anavex Life Sciences Corp (AVXL)

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There was no conspiracy - SP reacted appropriately to bad news: the company failing to disclose the primary endpoint at a major conference. Typical reaction to an overpromise and under-deliver event. The price only went down 40-50 cents after opening likely more in reaction to going up so much the previous day...the big drop-off in SP occurred after the CTAD presentation slides were released at the Anavex.com website around 10:45 and every one realized that they did not report success with the primary endpoint (CDR-COA). Catching this would only take a few minutes. I had already skimmed the slides by 10:55, I'm sure many analysts had done so even quicker.

IMO, Missling (via Aarsland) should have 'owned' the data and just showed the CDR-COA miss in one slide (maybe p was not too bad at 0.1 in the entire cohort or the S1RWT cohort) and then move on. Then, he could freely talk up the more promising episodic memory data without coming across as cherry picking. The reaction would not have been any worse and the company would look better.