Biomarin has a market cap of 16 billion, and they had a jump of around $9 last week on their PDUFA approval. Takeda is 2.5x that size in market cap, and trading MUCH lower, so yeah, I agree that market cap was probably a factor.
I also think the timing of the announcement was against the play. Announcing during AH yesterday killed any momentum that could have been built upon, and that news blip got lost in the shuffle of all the other news and general red that was happening this morning. It’s kinda funny that the news feed for TAK on TDAmeritrade has popped several articles this morning about the approval, as if Benzinga is trying to get traders to notice the stock, to no avail.
For the near term, a small catalyst might be if the company gets an upgrade from a rating company, which seems to happen within a day or two of PDUFAs being approved. With our luck, a super positive rating with price target increase will appear afterhours today and then get lost in the Thanksgiving holiday.