Short answer...NO! An announcement of this magnitude merited the...

Short answer...NO!
An announcement of this magnitude merited the initial reaction it received.... reaching 78c.
I see the SP as having dropped 13% from a level commensurate with receiving a nod of approval and being involved with the big Pharma we have spoken about so often.... and waited for such a long time.

Further, the drop is 32% from the high of 93c... the level reached PRIOR to the Merck announcement.

Colleagues long associated with VLA 's achievements ... and the consequential involvement by Merck... are collectively of the opinion the SP should be closer to $1:00.
I hasten to add however, opinions will always vary and "to each his own".
After all, the stock market is not an exact science.

I also hasten to add the SP could be worse, so better be grateful for small mercies.