Circadian has been talking about how it should be valued as a drug development company rather than a listed invested company for three or four years now. But the market shows no signs of taking any notice.
It certainly seems undervalued, but it's not clear to me that anything except actual earnings will get it rerated. I'm happy to sit on this one for another three or four years, though.
Circadian has been talking about how it should be valued as a...
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