I probably wouldn't just buy it because of the price. I would...

I probably wouldn't just buy it because of the price. I would buy it after the CLTX CAR-T data is released. The data could go either way, 2x if the data is good, 5-10% down if the data is meh, and 50% drawdown if the data is terrible.

Your worst-case scenario is missing out on a 2x, but if the data is good from that new 2x price, it would have a train of hype moving forward and new investors will be coming in so the downside is very limited.

If it goes down by 5-10% or 50%, then you will have a highly undervalued asset and the next CLTX CAR-T update won't be from 2-3 years from now and the investment thesis will be about their newer assets which are more advanced and more promising (CDH-17 and CAR-NK).

It is hard to invest in biotech in a high-interest environment, there's just no cheap money to take a punt on these companies that would not make any money for another half a decade.