Biotech Values

[urche]

Interesting trading pattern

Regarding Tekmira and Alnylam, it is interesting and baffling to me how they are trading today.
I would have predicted ALNY to drop about 5% today reflecting its loss of IP and cash settlement. But, after initial drop of that ilk, it is actually up 5% today. Loss of overhang from getting the legal quagmire settled is all I can figure for an explanation.

Tekmira is up about 15% for the day, but I expected much more than that considering that the enterprise value of the company approximately doubled overnight! It had EV about 58M at yest close. Now it is due $65M, plus another $10M expected in near term milestones, minus about $16-18M legal fees). So that is, in effect, a double in EV at the same time that its legal overhang has been resolved.
This seems like a compelling small cap value---- unless I am missing something.
Urche