Big picture - this has taken us from $3.40 down to $1.93 -...

Big picture - this has taken us from $3.40 down to $1.93 - nothing to do with the company or fundamentals.

By the same token, one could just as well have said "Big picture - from $1.20 to $3.40 - nothing to do with the company or fundamentals"

(Or, for that matter, even, "Big picture - from $1.20 to $1.93 - nothing to do with the company or fundamentals")

So, yes, what you are implying is right: Short-term share price movements aren't reflective of the fundamentals of the business.

Over the longer-term, however, its a different story: the share price will ultimately follow the intrinsic value of a business... and that's an economic axiom.