The failure of the phase 2 Moonsong outpatient trial prompts a phase 3 rethink and a one-year delay.
A big selloff on a mid-stage stumble seems harsh, but Takeda has problems on the horizon.
Data are due in the fourth quarter for Aldeyra, Aeglea and Radius, among other small developers.
Deciphera, Allakos and Uniqure are all set for important data disclosures.
The fourth quarter will see key immunotherapy data from Astrazeneca and Merck, while full details on Glaxo's anaemia pill, daprodustat, are expected.
But other small biotechs are more advanced and still hope to play a role in the pandemic.