IMHO many people don't understand the process.
You have to wait til you have the final version of the drug to begin toxicity testing.
Then the first step in the process of toxicology testing is to do tests on animals to get the parameters for testing in humans: a good idea of what dose level to start at, what size steps to go up in, what toxicity symptoms/signs to watch for etc. That doesn't have to be with cGMP drug because it's on animals.
IMHO many are misinterpreting either that the fact that it's on animals or the fact that it's not cGMP or both as meaning it's not the "real deal" i.e.: not really a start of the toxicology testing.
It most definitely IS because every company that does toxicology testing MUST go thru this stage. If they have cGMP drug available at this point, it, of course, doesn;t hurt to use it, but the KEY POINT is that it's not REQUIRED to be cGMP drug until you start on humans.
This apparent misinterpretation is what I'd call a buying opportunity. We could get a PR on the early results (in the animals) before the human tests begin (i.e.: very soon) and if the toxicity is as low as it appears to be that could be exceedingly good news. It's not generally necessary to test for toxicity levels at higher than 100X the anticipated therapeutic dose. If the news was that they hadn't found any signs of toxicity at 100X the therapeutic dose and so were moving to humans that would be exceedingly good news.
There could also be a general market effect: many being panicked by the Republican fear mongering about the shutdown. MM's might be fostering the effect to pick up cheap shares and make some easy money.
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