Whiskey Tango Foxtrot

The latest quarterly leads us to contemplate a possibility of 6m revenue over 4 quarters from Evolis sales
A recent jump in share price of 25% from .03 to .04 and return to prior to the announcement and now a further drop to .029 is starting to make me think that we may be evaluating this company incorrectly and have the wrong end of the stick.
The recent jump cannot be attributed to evolis sales as it returned before the announcement.
To my mind it did this jump on the back of positive MM feedback that was prevalent at the time.
This has since died off quite a bit.
The market reaction to the evolis sales was less than lukewarm.
Taking that to a logical conclusion then it would appear IMHO the market is valuing CDY on its midkine pipeline alone and is waiting for a much larger amount of input from Evolis as a catalyst for the SP or a major announcement re midkine.
Midkine is the end focus after all.
Anyone else have an explanation for that unsubstantiated jump in SP that undoubtedly has a fair few new buyers in Whiskey Tango mode?