I think of the consolidation as a catalyst that's pulling the sp towards 'fair price' - given also the state of affairs for the whole sector. IMU is not the only biotech with its sp stuck in a long downtrend - although it seems getting singled out for it. Unfortunately I think that - again, given also the state of affairs for the whole sector, fair value is still below current levels, at a MC of $50m? Keeping in mind that just as a higher price doesn't always guarantee higher value, a lower price doesn't necessarily mean lower value There are other ASX listed biotech that are - IMO - well overpriced - some with holders that post on IMU's threads blissfully ignorant of that. The current state of the affairs does not allow for projections being 'priced in', it's as simple as that.
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