While I agree with you completely, in some companies I've seen a runup to approval followed by some retrenching, but eventually going substantially higher.
My point is that traders, those who buy, and sell for small gains, may trade successfully on such action. If the tax nightmare of constantly buying and selling is not a bother, enjoy such trading.
Personally I'm not thrilled by being out of a company because I made a small profit, but I know day traders who don't hold shares overnight. Not being in stock until the market opens avoids bad news before the open tanking a stock, but it also avoids big gains that may come from good news before the bell.
I like our odds at getting great news one of these days and I'm willing to hold for years after that happens as I believe it will just be the beginning of many great days.
Gary
Bullish