It's interesting, as @Titans19 noted, there does seem to be a...

It's interesting, as @Titans19 noted, there does seem to be a psychological level around the $500m MC - IMU spent around 5 months consolidating at that level (November 2020 - March 2021). Then in early April 2021 something changed, quite explosively. I had a quick skim through their announcements and they apparently presented Phase 2 data (for HER-Vaxx) at AACR21 which was April 10-15. Not sure if that was a catalyst.

The good news is RAC has been consolidating here for around this level for 7 months now. As others have noted, the longer the consolidation, generally the more powerful the break out is. We're surely getting to the point where results from various ongoing activities will start to come out, as well as approaching the timeline where management have stated they are going to start to increase awareness of RAC overseas.

It's easy to get caught up in the doom and gloom with this ongoing consolidation and churn, but we've been here before at least 3 other times in the past 2 years (although admittedly not for quite as long as this one), and RAC hasn't let us down yet.