Well with the current strong shorting/lidding effects in the...

Well with the current strong shorting/lidding effects in the play, I think an attempt of low ball take over would seem to be the only logical explaination I can find.
Otherwise, this would not make sense by those continuously dribble selling down, and with very regulated programmed looking trades. Retails would not be doing this.
I 'd say the dribble playing has started since we cool down from the accouncement of AIPAC update Dec 2020. During this year, we got 2 rounds of pump and down process. With the mid-year TACTI update pending, we had the price went to 70c and then back to low 40s; very much the same this round with AIPAC final readout, get pushed to 49c today and possibly lower in the coming days. So the good results are just never get factored into the market capital, which is a thing to think about.

At this time, a fact check,
The AIPAC outcome, I 'd say it ranked 'very good' and the continued Phase3 for that. I have absolutely no doubt EFTI will get FDA stamp eventually. However, the cost of this PH3 could be 100mil+ and 3+ years. Does IMM still have the breath to see it through? By the usual CR, it is not efficient anymore. The best option is by partnership, but I think they start lossing leverage from now as the time is ticking with the PH3 protocol running through regulatory body and then cash needs to flow.

The TACTI outcome, it is even better as the efficacy of responding with EFTI+PD1 combo is just blow out of the milestone KEYNOTE-040 study. Plus this is approved with fast track Ph2B by FDA. Again, this Ph2B will be asking 30+mil money and 2+ years to see it bloosm. So agian is IMM able to bring all these by their own name?

Looking back the VLA case, they get played for over 6 months and snapped by Merck. Lots of people called that a low ball offer. I think that was not so bad. At that time, VLA only just pass ph1 and show positiveness and get the pay cheque of half a Billion. Now IMM is way more advanced in terms of the clinical stage. Our fundemental in sciences has passed more than one milestones since late 2020, and yet the value of the whole company is back to the same as pre-announcement last year. All sights are hinting to the strategic take over now.

For a BP to step into this one, it would make sense they just come in now as the important trials are both protocoal pending with regulatory body. The BP is surely having the power and resource to make the protocol work faster for approval process.