anp chart, page-189

The reason for the share price in my opinion (which might be incorrect), is

• Broader macro conditions
• Local macro conditions
• The business being in no-mans land between the possibility of a statistically irrelevant trial and a very real opportunity of a life changing drug that is available to be commercialised. The market is forward looking and is uncertain about taking a gamble given points one and two above
• The market is risk off - ANP is a risk on stock;
• Some holders may need liquidity;
• There is lack of interest being generated by the company - which in my view is fine for the size of the company and in fact, a positive considering the upside available to those who truly believe in ANP over the long term and not interested in the short term SP
• ANP is not a traders stock. It is thinly traded. For that reason big upswings and downswings can happen. Fortunately though, it appears the upswings occur faster and more violently than the trickle downward. That suggests a number of points to me.

I agree with ITSA's wait philosophy but sympathise with those who might have invested (opposed to trading) and have expected a return by now. I can see where the impatience for longer term holders might be coming from. However, interestingly, those bickering appear from their posts to be investors in ANP and to also be aligned in their conviction - and appear to simply be arguing about where the SP should hypothetically be at the current point in time - the SP will be where it will be after the trials are finished... irrespective of where it is now. The infighting does nothing for no-one.