100% on that. You just captured the essence of the reason for the extent of the share price decline. When a company massages the trial endpoints and has unreasonable delays in reporting out trial data, it creates the impression that data mining is taking place to paint a rosier outcome. What Missling has done is embolden the shorts/hedge funds. He has been promising additional trials now for years. He gets an F- on timeliness, without regard to whether or not EXCELLENCE turns out to be a home run.
Investors are really sick of FUDsters saying that the data are inconclusive, suggesting the trials have failed. Just because FUDsters state claims of "cherry picking" or "moved goalposts" doesn't make it true.
Here again are the astonishing data of the P2b/3 AD trial, that met all endpoints and where patients functionally improved...
For FUDsters to continually deny these results is plain false shenanigans with a nefarious motive.