Biotech Values

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Does it matter? It was a pivotal trial, in other words, the Phase 2 took the place of the Phase 3.

It does. A phase 3 trial is more vigorous, success in one implies higher probability of success in other tumor types, thus higher market cap. For CRIS' success in BCC phase 2 single arm trial, the market today still doesn't expect the drug succeed in other tumor types that much.

No one said the theory is bullet proof. But it does have strong logic behind it in today's market.