And why not buy as the risk profile for long term holders has...

And why not buy as the risk profile for long term holders has reduced again. Short to medium term holders are the sellers.
If you can ride/ignore the highs and lows, the value remains. Every day the patent clock ticks on Elanco. We are either at the tipping point of close to it - I am guessing, for us, it is around April 22 for patents to expire completely 2 years later. Before that we have Ph3 to get underway and much more to commercialise. So that time will go fast and the key events will come faster for PAA.

I picked up some more in the last period too.

While we can be as frustrated as hell, the fundamentals are solid and it is a game of buy and wait. May not be everyone's cup of tea but after a bit of additional research overnight reading historical announcements, I am more confident as to the roadmap and why things are the way they are. Well worth reviewing the history of MPL and PharmAust. Anyway, each to their own but seems roughly half of the top holders see upside coming and value at these prices too.

Thanks@RAN58 for the share.