Ann: PAR Reports Successful Phase 2 Clinical Trial, page-38

I am agreeable with all that. 

The major difference with BIT was a loss was priced in (remember their market cap was less than $10m at the time of phase 2 results announcement - it's significantly under FTT's now also).

By comparison, according to Morgan's, a win was priced into PAR's market cap prior to the results. As such, the results needed to be really really compelling - the lack of disclosure of the full results didn't help this, but perhaps the peer reviewed results sometime in 2019 may fix the perception that they added gloss. Until then or a deal (also a sign that the under the line results are strong given full disclosure would be required within a data room) it's probably a hold at best at these levels.