What's the vehicle anyhow?, page-101

Exactly: the markets freaks out at the 'not achieved statistical significance' but when looking at the anomaly, at the fact that it affects only one vehicle arm in the American study only , and considering that the vehicle (Permetrex) is made mostly of isopropyl alcohol (a potent antiseptic that was used to fight pimples), it is actually hard not to share Vince's view: this was a batcher mishap in the formulation of Permetrex that cleared up 40%+ of pimples of the participants in that arm.

The strange thing is that the market doesn't actually have an explanation for the anomaly, for the fact that is only the American study and not the Australian, for the fact that it is only the inflammatory lesions that shows no separation from vehicle, for the fact that the vehicle is not just a gel or a 'placebo' but is mostly made of alcohol.
The only take for the market is that 'the drug doesn't work' and in the age of 'post truth' if nonsense gets repeated long enough it becomes 'true'.

Similar performance to top selling topical drugs on market with much better safety profile, should be trading in the high 20s = oversold.