That is true but worth questioning why it happens this way.
Is it because Boards/Management of listed entities have fractured ownership structures where the Board & Management effectively control the decision making and can be self serving rather than extract maximum value for owners?
PYC should have been private for 9 of the last 10 years but in hindsight I am personally glad it wasn't or I would never have had access to it as an investment. Now, however, it is reaching maturity as an early stage biotech and has the benefit of both worlds regarding ownership - a governance framework that protects smaller shareholders via public listing but sufficient larger holders that can drive Board & Management behavior towards the best commercial outcome for all owners rather than any other stakeholders.
If a deal is to come I think we are less than 12 months away - in vivo data early next year will be enough to cause quite a stir if it is good enough and that Cures Act article I linked shows why it could be big dollars earlier rather than later.
Must say it is very hard to get stock at current levels - been trying to round out a parcel and not having much luck.
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