"...I do sense a real complacency from management, or at least condescension to shareholders..."??? This is the biggest load of fanciful commentary I've read. On what basis do you make this comment? Is it the vibe? The fact they aren't handholding you through a normal shareprice downturn (look at any longer term chart you like)?
The fact is that markets are irrational and often for long periods of time. It is how great investors like Warren Buffet make such outsized returns. Intrinsic value is both undershot and overshot all the time (otherwise prices would hardly move). At $25 earlier this year we had overshot our intrinsic value but people weren't crying and claiming management was being complacent or condescending. Quite the opposite.
It is clear from company commentary and the regular updates we do get that management is being very far from complacent. These guys are run off their feet planning and running trials from animal to Ph 3, determining new and appropriate indications, working out the manufacturing of 2591, doing roadshows and investor presentations etc etc. Even with regards to a potential TO Jon has been very clear on what they are doing. They will wait till post FDA meeting before entertaining any non-hostile offer. He could not be clearer. At this stage we will be well advanced towards a Ph3 for PMS and we will know all the indications for which 2591 looks promising for (i.e. we will have maximised any potential TO value in the short term). They cannot however control the share price or the buy/sell depth and pretending they should (or provide ASX announcements around it) is pretty silly.
NEU Price at posting:
$15.56 Sentiment: Buy Disclosure: Held
(20min delay)