Ru­mors of bad news can flick­er around the BioTwit­ter world in a heart­beat. And the im­pact can be dev­as­tat­ing.

On Tues­day the tar­get was In­tra-Cel­lu­lar Ther­a­pies $IT­CI, and the ru­mor was pegged to an up­date on the FDA’s web­page that not­ed the agency was can­cel­ing the Psy­chophar­ma­co­log­ic Drugs Ad­vi­so­ry Com­mit­tee meet­ing for Ju­ly 31 and the re­view planned for the biotech’s schiz­o­phre­nia drug, lu­mate­per­one to­sy­late cap­sules.

For the le­gions of in­vestors look­ing for some­thing, any­thing, on the in­ter­net to bet on with what might be an in­side clue to a cat­a­lyst, it was pure gold. Had reg­u­la­tors al­ready de­cid­ed against the drug? What could it mean? It had to be bad, right?

Dis­as­ter!

The com­pa­ny’s stock was shred­ded, drop­ping more than 30% on the spec­u­la­tion. More than $150 mil­lion in mar­ket cap was gone in a snap as word of the move spread.

Then, af­ter the mar­ket closed, In­tra-Cel­lu­lar tried to staunch the flow of red. The biotech put out a state­ment say­ing that they had sup­plied ad­di­tion­al in­for­ma­tion on their drug that the agency want­ed ex­tra time to study — hence the de­ci­sion to strike the ad­comm.

The FDA can­celled the Ad­vi­so­ry Com­mit­tee meet­ing to al­low suf­fi­cient time to re­view this new and any forth­com­ing in­for­ma­tion as they con­tin­ue the NDA re­view.  This in­for­ma­tion may re­sult in an ex­ten­sion of the Sep­tem­ber 27, 2019 Pre­scrip­tion Drug User Fee Act (PDU­FA) tar­get ac­tion date for the lu­mate­per­one NDA.

That was good for a 9% re­bound af­ter the bell on Tues­day.

In throwing $267 million and a multi-billion dollar valuation at ADC Therapeutics for their May IPO, investors were betting that the partial hold the FDA had just placed on their second lead drug would prove immaterial. Time, it appears, has proven them right.

The FDA has lifted the partial hold, ADC said this morning. The move clears the way for an anticipated 2021 readout from their second pivotal study, a Phase II trial testing their experimental antibody drug conjugate camidanlumab tesirine, or Cami, in Hodgkin’s lymphoma.

Following a successful Phase III study in April showcasing the safety and potential of its new sleep drug, Idorsia posted some mixed news in the second Phase III study, but that won’t stop a planned filing aimed at regulatory approval.

The drug, a dual orexin receptor antagonist (DORA) called daridorexant, was found to significantly improve sleep maintenance and subjective total sleep time in 25 mg doses, replicating results from the first Phase III study. However, improvements in sleep onset and daytime functioning narrowly missed statistical significance, despite numerical consistency with the April study.

Seven years after Pfizer first invested in Mission Therapeutics, a biotech that researches selectively inhibiting deubiquitylating enzymes (DUBs), the pharma giant is re-upping its commitment to the company in another sign of confidence in the field of protein degradation.

Pfizer’s VC arm is heading up a $15 million round, announced Monday morning, and increasing its overall stake in Mission. Pfizer is also entering into a licensing agreement that would give it first dibs at negotiating exclusivity after accessing certain DUB inhibitors and screening them for their potential as drugs.