Walldiver... not that any of this matters anymore.......
<<Sorry, I didn't say whether or not the priority decision would be a positive or negative harbinger. I think you misquoted me. I said "incrementally positive or incrementally negative." Big difference.>>
OK. So by "incrementally" you apparently meant small or insignificant.
That may render my orgininal question moot. It was why, or on what basis did you think PR a positive harbinger? After reading some of the IV posts on the subject, it just seemed to me that granting priority review was not related to ultimate BLA fate. But an incremental harbinger is perhaps not worthy of deeper analysis.
<<Not sure where you come up with the phrase "unjustifiably significant fall or rise.">>
My word unjustifiably was an attempt to clarify what you were predicting. So a PR decision would be an "incrementally positive" harbinger for the BLA. But the price action would be "larger than incremental". To me that sounded like you were thinking the price action would be more significant that the real meaning of the event, and therefore unjustified from a true valuation standpoint.
However, based on just the first two days' action, it looks like the market overall is viewing PR as pretty incremental.
Thanks as always for sharing your views.