Shire ($SHPG) has made it no secret that it's still interested in buying Baxalta ($BXLT), the hemophilia specialist that shot down its $30 billion bid over the summer. But with the latter's position in the hemophilia market being threatened by a score of up-and-coming therapies, some analysts can't quite understand why. As Bernstein analyst Ronny Gal laid out in a recent note to shareholders, new approaches to treating the disease are on the horizon for several companies. "Shire has been dismissive of the risk and we are still puzzled by their approach (as is the market) given the progress of alternative programs," he wrote. More from FiercePharmaMarketing