You're not saying that one could come up with a generic demand curve for a stock using it's float? Saying that there is a generic equilibrium price for a stock given simply the supply of that stock is impossible according to the laws of microeconomics. At the very least, you have to calculate the cross-elasticities of substitute products or other stocks. Since stocks are but one asset class, you have to consider the opportunity cost of forgoing a purchase of another asset type or another stock.
Then, you have to figure out if the demand curve is constant or if it shifts, such that one is not simply moving along the same demand curve, but has shifted to a new demand curve.
Typically, one does company valuation on a different basis, precisely because supply is so constant. Valuations are most legitimate when done on a fully diluted basis, worst case scenario. I think some tools from micro, including supply and demand concepts, are useful, but I would much rather base a trading strategy on finance and statistics than microeconomics.
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