My take on what is happening now...

1. Initially everyone was excited about some news
2. Initial reading looked promising BUT
3. Full results of this trial will be submitted for publication in a
   scientific journal and will be available in the coming months. Based on these
   results, Medicago will proceed with a Phase II clinical trial, expected to
   commence during the first half of 2010.
   

Many impatient shareholders, JMHO