I think the "expected value" was priced in, but regardless of the result, this trial would move the stock price towards that direction.

Biotech is one of the very very very few areas of the stockmarket where specialist knowledge generates alpha.

Trolling through random biotechs, learning about their tech, and investing in the most promising applications of that tech in the most impactful areas is something that happens somewhat on publicly traded markets. With tech, most of that happens pre-IPO.