the show goes on, page-38

I have bought and sold this stock since it floated at 25 cents, which is nearly 24 cents ago,
I was in it the day it spiked from around 4 to 20 cent, I was $800,000 richer for 5 minutes.(No I didnt sell, not even the next day)
I used to keep a very close eye on the fundamentals, Teva, Tysabri incident,Fiebird Fund,the Balaclava people, etc.
If by someones calculations that each drug is worth 64 cents to Isis, then ignoring the formula posted and just multiplying
ANP's prospective 4 drugs by 64 cents which equals $2.56, why is ANP trading at such a deep discount?
Is the market really that unsophisticated that they think Isis is worth a gazillion percent more, with only about 6 times the drug pipeline, could someone clued up try to explain this anomoly
Thanks