I actually think its index funds selling now PXS has dropped out...

I actually think its index funds selling now PXS has dropped out of the ASX 300.

That creates a great opportunity for the value buyer. Any active insto who wanted out at these levels probably went a while ago, now its just the passive index trackers letting go.

The uplift, when it comes, will be even stonger.

$340M equity capital has gone into PXS, of which $60m remains. I'm taking the view that they must have created some value with the other $280m, firstly because they have product sales in Europe, and secondly because the USA is far from game over, quite the reverse in fact.

Market cap $40m for $60m cash, invested R&D, product sales and US approval/deal potential.

Sounds reasonable to me.