I think the reaction is perfectly understandable. This is the first read on the efficacy and it is not the "miracle" cure. Lots of people will be exiting on that basis alone.
The real results are not in the announcement, they are in what was not said which only the people on the inside would know.
I don't think this is good, the results could be purely ascribed to the standard treatment. We remain in the dark.
If I was going to put a light side on it, I would say that the company does not need money at the moment so it doesn't suit them to put a gloss on these results. The report is very light on detail. I assume that the five people out of fourteen that didn't make it to the results profile died. It is best to assume the worst with speculative biotechs. This doesn't mean that B-cell is not going to be a success or that the phase two will not be a success. Only that we now need to redefine what that success will look like.
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