Very simply if IHLs SP goes up in the US, we will basically just follow suit here in OZ.
As others on these threads are constantly pointing out.This sector of the market is better understood in the US, and the money being thrown at these new emerging medicinal companies is huge over there compared to here. So we will just slowly be re-rated to bring us more in line with similar US companies with a much higher MC.
I suppose it's even possible that because the US IPO is relatively small, you could see some of those overseas funds raiding the ASX for more stock, to get a bigger slice of the IHL pie.
It will just keep going up until we reach what the market sees as fair value.
Sorry a little simplistic, I'm sure others will chip in with more details.
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