Otezla, one of the big potential blockbuster drugs Celgene (NASDAQ:CELG) is depending on to expand its revenue generation beyond Revlimid, failed a phase 3 trial in ankylosing spondylitis. And yet, at the end of the first full market day after announcing the bad news, Celgene shares were up anyway.

Wait, what?

In the video below, health care analysts Michael Douglass and David Williamson explain why the news may not have been that bad, and why the trial wasn't fundamental to the Otezla (or Celgene) investing thesis