Hasn't the EW of 2020 failed by breaking down below 1.1?
I'm expecting we've seen a 'Big' reset, driven by management turmoil, RC220 development delays and 75c bonus option benchmarking. A new big EW setup might looks something like:
1
1.1 - Preclinical hype
1.3 - Clinical strategy update (we're here)
1.5 - First patient dosing
A,b,c news lull***
3
3.1 - Early CPACS clinical validation
3.3 - Regional license deal
3.5 - P1 readouts
A,b,c news lull
5
5.1 - P2 commencement
5.3 - P2 clinical update
5.5 - Exit opportunity
***I'm still holding out for some sort of definitive FTO/CPACS validation from Sheba 2.0 that might reduce the duration between Big 1 and Big 3.
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