Madamswer. We can agree that in bear markets , a risk off“...

Madamswer. We can agree that in bear markets , a risk off“ mentality can prevail. Institutional holdings are pruned back owing to constant redemptions, retail holders panic and when stock prices fall in unison ,the relative value of this stock does not become more attractive.... but let’s cut the bull here . MSB has major cash burn because it has been SUCCESSFUL in clinical trials to date. If it so much as stumbles once more, I do not doubt the bears will eat it for breakfast. The inordinate time and cost for FDA approval make biotechs an investors graveyard. However, by the time you have reached MSB’s position with a mature development programme tantalisingly close to inflection point the risk reward calculation is unbelievable. Two products have been approved ...the blockbusters are well into phase 3 evaluation and I do not like the yield on ECB bonds !!!