For most folks, I think the answer will be a bit of both.
Objectively, the fundamental investment thesis has only improved for long term investors. Especially in the midst of the fog of a bear market and global uncertainty, data becomes even more important. Our trial results and the expertise we have attracted to our programs, including trial management, CROs, researchers, and a pharmaceutical industry heavy-weight, have steadily de-risked the fundamental proposition.
Regardless, the current macro economic situation and outlook is such that someone not far in the red might still choose to cut their losses, mostly because they believe there is more downside for the market as a whole. Any extra doubts about Dr Sud, or rehashed news of competitor operations, no matter how tenuous, would add to that perspective to some degree.
If I had no holding, I would be building one right now. As it is, I have been adding small parcels when able in recent times. The data supports that in my view. Remember, people have been soaking up Sud's shares: there's a share bought for each share sold. I'm of the view they see what I see and are timing their entry admirably well, or simply adding to their holding as I am.
Everyone will have a different take. But the one thing that can cut through the fog of war in these situations, is data. When conjecture and conspiracies form a noxious blend with fear, facts and data become crucial - a truth as valuable in investing as it is in politics and governance.
