ABT closed -2.2% on the Tofacitinib panel endorsement, a big daily move for this stock, while PFE finished +1.1%. In terms of the enterprise-value delta from today’s news, ABT lost slightly more than PFE gained, which is somewhat inefficient insofar as ABT is not the only company who stands to lose from Tofacitinib’s success.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”