well it hit 78 cents 2 trading days later not one, but we will forgive Tom for that.
Whether a phase 3 will come is up for question, the CEO has only stated either a buyout after the current trials or partnering so the significant costs would most likely be absorbed by the partner.
As far as the valuation well this is not unusual, its par for the course of a biotech in this situation as the market is forward looking an inflates the valuation prior to results.
Also depending on the results any potential suitors may request further data before any potential signing of a deal, which would be bad news for the share price.
But at the end of the day I beleive the results so far justify an investment, but as the saying goes only invest what you can afford to lose, ideally free carry your shares which is the position I'm currently in.
IIL Price at posting:
$1.24 Sentiment: Buy Disclosure: Held
(20min delay)