The analogy with inhaled insulin is well-taken, IMO.
While NKTR and ALKS continue to talk up the prospects for their inhaled-insulin products eventually getting to market, you get quite a different tune when you listen to PFE and LLY, which are NKTR’s and ALKS’ inhaled-insulin partners, respectively.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”