FWIW, I think that most of the downward pressure on AVLX today, like the XBI (and, for that matter, SAVA) is the result of the FTC moving to block the acquisition of Horizon Therapeutics by Amgen. It seems to be a fairly aggressive move by the FTC since it seems to violate neither overall industry concentration nor any meaningful overlap of disease treatment by the two companies. The market sees it as a threat to M&A in the overall industry.
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