The bidders know that once the data is released, the stock will jump huge. So, they need to act quickly. Before the milestone is reached.
Thinking you were being smart, you waited to buy. But that’s what they wanted you to do. By waiting, you left more stock on the table for Wall Street to gobble up.
This is why if you believe in a company, you must buy it, hold it, and avoid looking at it on a day-to-day basis.
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