Could be... some of whether the stock price moves or not may depend on the timeline from an acceptance (I assume you mean the UK has accepted the application) to an approval. Hopefully, the company shares that timeline with us when they do announce a submission (or acceptance of submission as some people here think - I don't, but I could certainly be wrong).
So perhaps the market will just sit on the sideline until there's an actual regulatory approval. Certainly the short position doesn't seem to be on the sidelines, as they anticipate Northwest won't even apply... now that's a really risky stance, IMO.
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