I agree it seems odd they are not doing the buyback considering...

I agree it seems odd they are not doing the buyback considering their statements and the extreme undervaluation. As for the share price I don't think you can make a case against this undervaluation and manipulation, the Chairman has stated how institutions have bought millions of shares in recent years and evidence from annual reports seems to show larger holders are increasing. We do know fake Sell liquidity is increasing from actual ASIC data - CUV the 2nd most shorted Biotech on the ASX despite the absolute best Financial performance year after year. Clinuvel is very rare in that they are a small/tiny Biotech who just keeps growing profits WHILE running a blockbuster phase 3 trial with a drug that is already FDA and EMA approved and very safe, no need to partner with big Pharma which are facts that don't apply to 99.9% of small/tiny Biotechs. Look at their nearest comparison stocks and they always compare as massively undervalued - huge valuations given mostly on the 'hope' for their future pipelines making some profit Disc, MSB, NAN, BOT. Even PME with 250+ P/E doesn't have massively better financial performance. At Clinuvel the P/E is approaching single digits while their EPS is approaching $0.8 and growing nicely while the valuation for anything in the pipeline is basically zero.

All IMO DYOR