Those expecting a big run off this. I think we need to keep in...

Those expecting a big run off this. I think we need to keep in mind with bio-techs often there is an asymmetry with regard to market reaction.
If this FDA - IND was a fail - you would see a big drop. (I have seen this in other Bios that announced a delay in FDa and a huge drop.)
We have a pass - and experience a small jump.
This is how it often works in bios - there may be a series of small jumps - boxes to be ticked along the time-line - that are expected.
Of course the asymmetry works the other way too - you can get a big rerate - off a seemingly innocuous step in the process or perhaps a final step.

Just some thoughts.

DYOR and all that.