Exactly how would the "market" know something that investors do not? They do not and cannot. What is obvious given the timeline is Adderall ER has a delay in approval. Since Adderall IR was approved and is currently being sold we should expect the problem to be discussed and the resolution addressed in the CC. But this is a catalyst and history shows that positive catalysts do not seem to affect the p/s. So, what should have an affect on the p/s? It has to be revenues because that is what we measure business by, how they deliver revenues from business development. While the 3rd Q over previous year Q increase was modest at 6.3%, it remains that it was an increase; which suggests that the YOY 2019 v. 2018 will see an increase.
Here is why I say that...If we annualize the current year revenues and compare it to the previous year we can expect Elite will have more than a 12% increase in revenues. Now, based on my understanding of numbers...12% is double digit revenue growth YOY. A nice increase and that suggests the next Q in August will be even more robust than the last couple of Q's because we will be seeing an entire Q of Adderall IR sales.
If it is true that the real market prices shares through the lens of future revenues, then the increases in revenues portend well for Elite and suggests it is not the "market" playing the buy and sell game keeping the price in a range.
If the fat lady is warming up, it is nothing more than getting ready to sing at half-time..