This is going to be an unpopular opinion but I don't think Anavex should ever have been trading in the double digits. The idea that companies can be worth billions of dollars when they haven't even generated a cent of revenue or have a product for sale is absurd, and screams for attention as a symptom of a bloated economy.
I also don't care too much about current market sentiment, because I am not a trader. Sentiment changes all the time, at both the societal and the individual level. At the end of the day, I can be super long this stock and if I choose to take profits, I'll be criticized by some for not being "long enough". Same thing with those who are short. If you're a reader, I suggest "The Madness of Crowds" by Charles Mackay.
Does the current market sentiment make sense to me right now? Sure, why not. Some people don't trust either the science or the CEO and they're betting against it more than people who believe in the company. There was a time when Apple was in the same situation with Steve Jobs at the helm. Market sentiment can sometimes be wrong, too.
For a speculative investment, which is what Anavex is, the setup and investment thesis seems pretty good if the drug works. Why? Because word of mouth spreads quickly in the digital age and people will hear about Blarcamesine one way or another and will request their doctors to write an Rx. If they refuse or try to push something else like an injection, those patients will find another doctor. Capitalism usually wins and I trust that for now (key words because something will replace Blarcamesine one day) Blarcamesine has a legit shot to be the best drug on the market for a few different indications.
