I'm not convinced.
It looks way over-valued, it's true, but there are cheaper and lower profile ways of laundering money.
Certainly there are other biopharma stocks out there with dodgy Phase I and II results that command what seem to be absurd market caps- absurd until some behemoth takes them out for a premium, anyway.
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it."
Upton Sinclair
"Nobody ever went broke underestimating the intelligence of the American public."
H. L. Mencken