I agree it continues to de-risk, but I'm not really surprised by the selling to be honest. Many short-term holders would have only stayed if results were excellent, which could potentially result in an imminent deal from pharma. With good results released today, I think the wait / negotiations will be longer. We may even have to wait for Phase III, we don't truly know.
It's pure opportunity cost IMO for many traders. It didn't look like moving today like they hoped and figure more money to be made elsewhere in a shorter time frame. May be short-sighted, but not surprising really.
Lemmings of the cliff., page-15
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