Worst of both worlds

Immune Response Corp. shares suffered a 40 percent shellacking last week, which we suppose could be attributed to inconclusive data from the Phase II/III trial of its HIV therapeutic vaccine. Or, equally simply, to the rout of investors who continue to march into the biotech tar pits despite the ample warning signs and the bleached bones of those who couldn't resist the last big story.

But there may be some additional explanations.