I would say $40 is a bit high. While it is difficult to value these pre revenue biotechs $40/shr would put the market cap at ~$700M based on the current fully diluted share count. I think a little more reasonable estimate at this point in time would be closer to $20/shr or about $350M in market cap. Of course this is based on the fully diluted share count, not the current outstanding share count. The low float should definitely help us out, from my last calculations ~6M shares. The problem is we need pretty decent volume which we just haven't seen. I guess only time will tell. Not expecting to hear anything new tomorrow but maybe they will surprise us.
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