Biotech Values

[iwfal]

Question for the board - What is the minimum pop (in % terms) that anyone remembers seeing for a small biotech (i.e. existing revenues less than $15M per year) that just announced a successful ph iii trial with no obvious safety issues?

I ask because I am actually surprised that VVUS went up about 75% - since it is was almost certain to be stat sig and the safey issue, while not as certain, wasn't too much of a risk. Maybe that is just the min size for a ph iii pop?