The SP is reacting to the current state of progress. We have...

The SP is reacting to the current state of progress. We have only completed Phase 1. When you look objectively at progress it is clear there’s a great deal of water to go under the bridge before we can expect the SP to take off. Even Phase 2 is still mostly concerned with safety which means Phase 3 will be the true lift-off phase

 Phase I: Researchers test a new drug or treatment in a small group of people for the first time to evaluate its safety, determine a safe dosage range, and identify side effects.


 Phase II: The drug or treatment is given to a larger group of people to see if it is effective and to further evaluate its safety.


 Phase III: The drug or treatment is given to large groups of people to confirm its effectiveness, monitor side effects, compare it to commonly used treatments, and collect information that will allow the drug or treatment to be used safely.


 Phase IV: Studies are done after the drug or treatment has been marketed to gather information on the drug's effect in various populations and any side effects associated with long-term use.
From http://clinicaltrials.gov/info/resources

The bottomline is that presently there is no compelling reason for the SP to rise - the time to get excited will commence after successful Phase 2 results.