The holders of this stock are changing from those who were betting on the trail
achieving 22% survival benefit, and those who want to own the stock for FDA
approval. The transition is the weakness you see. Options market says 27 is
current equilibreum. Because of the nature of the FDA's requirements for this
final trial, the approval should be rote unless you believe they can't file a
decent revised BLA. But it, make money. I'm long, and have been. I have large
profits in the stock, and expect more upon approval or buy-out.

All the priced targets that put the stock in the 30s are based on the ASSUMPTION
that their drug will be FDA approved and will be priced at 30k+ per treatment.
Those are 2 big ifs, and also months (if not years) away so why would anyone
want to pay up for the stock at this time?

The biotech group is perhaps one of the most volatile segments I have ever seen.
Many times those stocks act in a binary way as they are often dependent on a
single event such as an FDA panel or court ruling. Analysts opinions and
estimates can have far less impact when traders are occupied by certain events.

People are locking in huge gains.