It's absolutely true in this space that deals take a while to do but when they do happen, they are instant - either you hold the stock on that day or you do not.
In order for the market to understand the potential value of BTI there has to be a deal that defines the value of one conjugate. That will happen at some point and then - lookout!
There's no middle ground for me - I hold the stock and I don't care what the market thinks on any given day. I believe that the share price reflects an indefinite number of programs with multiple pharmas, which explains the lack of movement with today's news. Only when something happens that defines the value of one conjugate will this take off again. I suspect we don't have long to wait for that.