You note : "What we saw was the result of an over optimistic...

You note : "What we saw was the result of an over optimistic market pumping prices well above what they should ever have been......".

I'm not so sure investors were so stupid in running IMU up to levels in excess of 50 cents. Many could see that valuation as being highly reasonable for a company with the IP Imugene previously did and currently has in place, together with the pipeline they have in play, including 5 FDA Ind's and up to ten clinical trials as either stand alone or combination vessels.

The market has been able to short and play with day to day prices via trading apps, hedge fund exposure and issuing short positions again their long plays, given the absence of news. But that does not necessarily mean the share price reflects the underlying stock value of IMU. The market is searching for revenue and effectively placing no value on Imugene's IP, which I believe is erroneous. Unlike you I don't believe the stock was pushed to ridiculously high levels , as noted in my post last week:

https://hotcopper.com.au/threads/the-cf33-vaxinia-and-oncarlytics-deal.7300418/page-16#post-70234502

T Vec’s history points to the fact that just because Imugene is trading at 4.3 cents doesn’t mean there isn’t a big dollar appearing for it in the near term. Back in 2011, when T-VEC was in the early stages of development, as Vaxinia is now, Amgen paid a remarkable $425 million plus $575 million in milestone commitments to acquire its inventor, Biovex. At the time, there were a few hopeful signs: The FDA had granted the drug “fast-track” designation, indicating the potential to speed up its path to market. Imugene’s Vaxinia is at a similar inflection point this November, too that of the oncolytic virus T-Vec in 2011.

Clearly T Vec had never earned a cent when acquired by Amgen. In fact it wasn’t until 2015, some four years later, that T Vec was granted the thumbs up for approval by the FDA. So therefore I would suggest for those who are of the opinion there is no value in IP, that the market wants purely revenue, or that early stage development is not worth a bumper, take a good hard look at what actually happens in the real world of biotech.Imugene's FDA Ind for Oncarlytics, their ongoing progression at a rapid rate through the current Vaxinia (MAST) Trial all point to valuations in excess of 50 cents.

The fact the market does not reflect this pricing does not come down to the stupidity of investors, nor management, more the absence of significant market awareness throughout the US, Asia and Europe. As many are aware managements failure has been in controlling the behaviour of investors in both the 30 and 20 cents capital raises, in combination with the current SPP. But irrespective of that the share price shall find its own level in due course, based on trial results and ongoing product development.

DYOR Seek investment advice as and when required Opinions only