This is true but as we have seen with other stocks they can get ahead of themselves and get MCAPs above 200m with insufficient progress to end up justifying the MCAP.
While PYC is under 100m MCAP I will always say it's cheap and above 200m I'd exercise caution unless some of the stuff that WW has been highlighting comes true. In between those levels it's going to be hard to judge value.
If the iMYC stuff comes off then 200m could end up being one payment so it goes a bit silly then. If the next success or 2 signals that a platform deliver technology for small molecules is working then it could be billions.
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