excel, you're probably right. However, I've seen biotechs publicize what they feel they have in the pipeline way before it's approved by the FDA. This at least creates some interest even before validation. IMO. But I agree, this is a very skeptical market that seems to need evidence. Heck, in this market, sometimes evidence (great unexpected earnings like PVN had) isn't good enough to really propel a stock upward and sustain it.
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