In my conversations with him last year he was clearly...

In my conversations with him last year he was clearly conservative in his description of what they were capable of (although optimistic). The Genentech deal seems to have changed their mood over Christmas and the JPM Jan trip and subsequent European meetings have them 'bouyant' in my opinion. Apropriately I got the impression they were surprised that the breast cancer result moved the mkt so much - they know it is exciting but very early stage - either way the market had (IMHO) undervalued the company for the Genentech deal and it proved significant progress had been made while shareholders waited. Valuations are often based on exactly this - shareholders just want to know what is being achieved at regular intervals - if they are happy they dont sell and sometimes buy more - if they are not then they sell and move on.

biotech - I don't need to call - I am confident the context was as described. This article looks more like a PR summary of the day - ie something I would have written without understanding the actual science!