This shows great promise that the market isn't clued up enough...

This shows great promise that the market isn't clued up enough to realise.
The SPP at 5.5Might subdue the price, But the fact that this experimental drug in a class where none exist yet, showed stable disease and partial response in 1) dose finding study 2) in patients who had exhausted previous active therapy. That means their cancers would have developed many resistance mutations already and thus could hardly be expected to stabilise let alone shrink (partial response means >25% reduction in planar measurement).
That's potentially very very meaningful.
All the more when this experimental drug is in a new class where no drugs exist yet in clinical practice.
And the cherry on the top is that it is the commonest target all cancers.
After SPP MC will be around $30m in mid 5's and cashed up for further clinical trials.
Plus the covid wild card
The Doherty is the pre eminent Australian research insto so
Then selecting PTX compound in first tier is also impressive. Even though probably a long way to go before it is proved up if at all as an effective anti covid antiviral