This should be trading much closer to book value. Pipeline seems...

This should be trading much closer to book value. Pipeline seems overvalued. The share price should better reflect the risky and long-term nature of drug development.

Expect it to settle around the $1 mark, and then trade sideways from there. The Evogenix merger will probably cut 20 to 30% off the combined entity, as I believe the premium paid was excessive.