This is in reply to TB’s post about Stoke. HC is having a bad morning and won’t let me reply directly.
If PYCs MCAP grew to equal that of Stoke, it would be about AD$1.155 Billion. If we assume 4.7 billion SOI then an equivalent SP would be 24.6c. Let’s say 24c.
This is very close to the estimate of 22c given by Canacord. We know that still assumes a fairly conventional, low-probability of success for PYCs treatments. Fully de-risked they say $1.20.
So IMO the rubber band is stretched almost to its limit. Surely a return to fair value cannot be far away? I think Canacord mentioned that toxicology results for PCKD are really important. They might be the pivot point if they go well.
Cheers
FHC
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