It certainly does seem that the rise in share price has gone according to plan.
It does seem like the trial itself, while initially not having gone according to plan, they now have a handle on it and it is. And in my opinion, that's what is most important.
It's unfortunate that many longs who patiently waited in the past have moved on, as I certainly think they helped keep this trial on the rails. I hope they are able to jump in when the unblinded data is finally revealed.
In the meantime, and back to your post. I don't think any serious fund will jump into this stock at this time because they would consider the risk too high for them. They are not just dealing with their own money, but with other people's money that they have to answer to. So for now, I think investment is mainly limited to those who are using their own money, and who understand, to some degree or another, the circumstances going on here.
The company just needs to limp along until they are ready to unblind and tell the bigger story. With that, the stock price will sink like a rock, or rise like a phoenix.
I personally think it will rise like a phoenix, but I must add that I do suffer from confirmation bias.
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