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

David Williamson has no position in any stocks mentioned. Michael Douglass owns shares of Celgene. The Motley Fool recommends Celgene. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.