I am holding both ANP and IMU
IMU has a massive pipeline OV+CarT (preclinical) and OV(phase1) and B-cell (Phase 1 & 2) and cash to bring its MC to $3B. Two months ago they did suffer from the last CR like ANP now which MC dropped back to $1.5B. But the share price started to rally again as soon as the CR finishes.
I think ANP will follow and yes agree to your statement that ANP's current MC is crazy low
Ann: Prospectus, page-68
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