I try not to fret about biotech prices, they are what they are....

I try not to fret about biotech prices, they are what they are. Most biotechs are perpetually cum a capital raising. Who is going to buy on the good news? I'm sure there are traders who work on buying in the run-up to an announcement and sell out on the news, the reverse of selling the sizzle not the steak. In PTX's case there are only a couple of substantial holders. Most recently they have sold. Only specialised funds have a mandate to buy this kind of small company. They will often be courted by biotechs looking to get instos on their register so they can raise cash quickly next time - the instos will hang out for discounted stock in those placements rather than push the prices up on-market. Retail buyers eventually learn that share prices for spec stocks sag when the newsflow peters out. It would be unusual for big pharma to come knocking on the release of Phase 1b results. We just have to be patient I think. We fall in love with the stories we hear on biotechs but the market makers are hardheads who know they can afford to be patient and let the retail investors provide the early funding and take the bulk of the risk. Sounds like a good story to me. Good luck.