brainy,
A while ago I researched the charts of various biotechs at the moment of their approval. More often than not there was not much of a run up before a massive spike in one session. (on occasion there's even a dip before results/approval - see DNDN's in '09).
So it seems that no run-up before results isn't a signal of approval chances either way.
prr - answers please, page-26
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