Biotech Values

[WorstLuck]

My point is that at the current price, CD approval and subsequent impact to sales are not appropriately priced in.

That is what makes a market. My statement was that approval was baked in, not that the current price reflected approval. Perhaps too subtle a distinction but it is obvious that there is far too much noise between now and the post earnings reaction to figure out what part of the price belongs to what.

95% might be a little low but it is fair to always allow room for error. It is a supplemental and they have recently been through all the CMC, etceteras.