Ann: Commercial Update and Regulatory Progress, page-301

I get what you're saying but I have been trading and investing for a long time and I have learnt a bit about how many of us think when making investment and trading decisions.
One thing that stands out more than anything else and ties in with some of what you posted is this;
When a sp is rising we tend to look for reasons why it's rising to justify the rise. Our research focus is on upside potential that explains the uptrend because many believe that the market must be right.
Then when a down trend becomes entrenched, the opposite apllies. Our focus shifts to potential risks to explain the decline and many put priority on the risks over upside potential as long as the sp continues lower.
The patent risk or how strong those patents may be has not changed at all from when the sp was in a very powerful uptrend to what it is now. The only thing that has changed is trader's perception of risk.
One other thing that is obvious is that the market is often wrong. Nothing had changed negatively from the time the sp was rallying strongly to the time that it dropped to around 50c when the FDA feedback was received and we found out that FDA approval would take longer. So the market must have been wrong either during the big move higher or during the pull back from $2 to 50c.
I don't think it has anything to do with right or wrong but more to do with sentiment and momentum.
For now people's focus is on the risks. That will change again and at some point, focus will shift to upside potential again. There is a lot of that still in this company.