For some of the posts leading up to this point (I don't think it is what lightrock is declaring in his post) there seems to be a stated dependency that a buyout will be preceded by an FDA approval. I don't think that is going to be the case. I am in the camp that if data is reasonable/good/great there will be a rush of offers and the stock price will quickly accelerate. For longs, you don't want to wait around for an FDA approval, that is a VERY long process and will take at least a year if not longer.