You took the bait! I figured you would try to explain the market’s apathy for PPHM’s stunning news—surely worthy of trumpeting from the mountaintops—by quoting my tagline on the Efficient Market Hypothesis.
To be a successful investor, it’s not sufficient to merely understand the tagline; one must also know when to apply it.
If the drug has reasonable toxicity, the FDA will let you proceed with a Phase III. So "achieving a Phase III approval" really doesn't mean much.
There is generally a lot of discussion with the FDA at the post-Phase II meeting, but unfortunately investors are not privy to the outcome. We generally have no clue whether the FDA said that everything looks great or whether they were very cautious and critical of the Phase III design or even of the whole program.
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