I don’t think the issue is people missing the “unmet need” or TAM. The need is usually well understood. IMO it is usually a case of can this drug do it, or can this mgmt do it? That could usually explain the mispricing.
As there are no rules of thumb to value companies some phase 2 companies are even now below 30Mn vs some phase 1 companies are close to or above100Mn. There is no one answer but I am guessing market builds confidence with each positive Ann and the price momentum at some point could drive its own narrative and rerating of the company including mgmt’s ability.
For ILA the FDA stamp of approval on the phase 2a should be a big trigger IMO that is if the market appreciates the significance.
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