bno verses pbt

Bio company BNO produced a reasonably positive report on its cancer drug the Coy has some backing from Merck for development of a pain relief drug( milestone payments of up to US$172 million of course options and exercise fee are involved not to mention undisclosed royalities. $34 mill over 6 years grant from the Govt. They claim no immediate need to raise cash for the phase 3 trials. the Coy crashed 30% after the report was issued.
My point is although PBT's potential is highly rewarding the SP may not reflect this, soon after the report is released.
Maslow.. would appreciate your comment.