Ann: Letter to Shareholders, page-84

"SP atm is a logical reaction to the delay.:

That is not actually true. The SP dropped as the results were good and positive but NOT exceptional. That points to the requirement that further work needs to be done.

Most people have accepted the delays - and that may not add to BIT's reputation but if investors still believed in the science they would still stick with BIT. That would still prop up the SP

There are now some reservations that the trial results may not be enough to attract any BP interest at this stge. That is why the SP has declined.