I've been a watcher too in my time on this one.
While news moves stocks, so do buyers who anticipate greater value ahead, and all the buyers who ride it up based on sentiment.
I'm sure we could see a run up to 12 cents just based on that, which Morgans thought was fair value.
If the results are good from even one phase 2, the price will be from 16cents (lower) - 28cents (higher) or so (based on my limited knowledge of what happens in other small caps with phase 2 successes).
Look at Oramed
I've been a watcher too in my time on this one. While news moves...
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