HOT's real.
Prior management team pursued a flawed approach going for early EMA approval where AIM2CERV was proposed as the confirming trial to get from conditional to full approval.
New Management team is working to steer the ship in new direction, as old direction was shot down by EMA. Painful process.
Current pps of .95 still IMO contains possibility of partnering AXAL/Cervical. So, two main scenarios going forward with regard to AXAL/Cervical:
KB states in conf call that AXAL/Cervical partnership discussions are progressing in positive manner, or words to that effect. PPS would rally on that news. Or...
KB states that AXAL/Cervical is winding-down. In that case, probably a brief move lower into .80s or .70s as more selling would surface on that news, IMO. Still some folks holding believing deal for AXAL/cervical is coming. Therefore still some potential selling pressure.