>IMO, this shows that while the street prices companies on past performance, prospective partners/buyers consider potential.<
The way I would put it is this: The stock market can be notoriously inefficient, but the market for buying and selling drugs and drug companies is generally quite efficient.
Let’s talk biotech! “The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”