I have had that argument with someone who wrote research reports, many years ago.
I commented that an unnamed stock was gradually drifting lower and lower, while waiting for results. He claimed that it was impossible, that the results were blinded. However, I was in a state of disbelief, because the market is usually well informed. I did sell the stock, it was the right move, since the results were terrible, in that instance. Coincidence?
I have some optimism because the independent committee got to assess the results to date, and didn't pull the plug.