Well Warren Buffett said in the shortterm the market is a voting...

Well Warren Buffett said in the shortterm the market is a voting machine and in the longterm the market is a weighing machine.

Point is that Nexavar isn't going anywhere. nexavar's success will cut huge chunks out of Progen's projected market hence the rerating of PGL.

It is now a horrible risk/reward scenario. even if it makes it through PhaseIII the market will have evaporated. Nexavar is the wonder drug to meet the needs of liver cancer patients and we should all rejoice :-)