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Some might consider selling shortly after a positive trial outcome depending on what they see as the current fair value of the company. If they see the current fair value of the company at say $250M (around 45c per share). This fair value calculation might be based on 20 x earnings of 100 patients x $100k/patient to be treated in phase III. If the share price jumped to 70c shortly after the trial announcement they might see this as the market getting a bit over excited at this stage of the game and sell with a view to re-enter when / if the sp pulls back towards 45c.


I personally won’t be in a hurry to sell any portion of my holding if we see a positive phase II outcome, as this will be just the beginning of the transition from a research company to a commercial enterprise I’ll be targeting a share price in dollars per share.