Brave move from small ASX listed biotech RAC to buy back shares....

Brave move from small ASX listed biotech RAC to buy back shares. Rationale below, which is relevant to IMM.
If we can license out efti for P3 NSCLC trial (and possibly P3 mBC), there would be plenty in the kitty to do go down similar path to RAC, the effect of which would quickly improve SP in direct proportion to shares acquired. It would also prevent (or reduce) shorting and SP manipulation.
Current situation is typical opportunistic playbook of BP/market players to accumulate shares of promising small/medium ASX listed companies at lowest SP and has residual affect of 'conditioning' retail LTH's to a potential 'low ball' BP take-over offer, when it comes to shareholders vote that may sway the result enough to majority acceptance....

Anyway, below is what RAC are doing which imo is admirable. (disclosure: not a shareholder of RAC)

Race Oncology (RAC) has launched an on-market share buyback program to purchase up to four million RAC shares over the next year.
The company said it was aiming to take advantage of market volatility to buy the shares in periods where the price undervalued the business.
Race CEO Phillip Lynch said he believed the move would unlock maximum shareholder value.
“The board believes Race is currently undervalued due to a range of factors external to the company’s fundamentals,” he said.
He added that the funds used for the buyback would not impact its clinical and preclinical programs, which remain fully funded from a share purchase plan completed late last year.
"We believe a share buyback is an appropriate use of capital at this point in time, and that the quantum involved will not compromise pre-clinical and clinical programs as committed under our recent share purchase plan.
”Race plans to purchase shares at a price of no more than 5 per cent above its five-day volume-weighted average share price.
The buyback plan is not subject to shareholder approval.