Yes - this is a massive over-reaction. But fits right into one of the 3 scenarios I wrote down months ago.
Partial success (although that the time I was stating 5% improvement, not differences between sub-treatments of SOC) and the share prices would take a fairly massive hit before starting to rebound.
To use a baseball analogy - we didn't get a game-winning, walk-off home run, but there's somebody in scoring position with a double or triple. It's just going to depend on what the next guy up (in this case Geert & his team) does in the next at bat.
If they can make a case that it's a good treatment for a significant subset of patients (no chemo) and that subset of patients appears sufficiently large (40% is no small number), then they should be able to put together a good case for FDA approval.
Also significantly - if they can get it approved for H&N Cancer treatments (sans chemo), then it may start getting used off-label for other cancers.
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