Valuations are based on what either a large pharma would be happy to pay ($500M seems to be a good baseline based on Viralytics, but I am not being too picky here about why).
Or some fundamental valuation based on potential future earnings, which is a damn sight harder because we don't have any estimates at the moment. It's finger in the air.
Hence the best way that the management can help us shareholders is to introduce as much competitive tension as necessary to force price discovery among those large pharmas. They're doing that, and because there _is_ an accumulator about, suggests that it is in fact some shadow of an indication that the strategy is starting to pay off. Watch this space - the initial safety results were key, and now everyone will know about the cheeky new kid who can outgun a few of the old hands.
Add to My Watchlist
What is My Watchlist?
