The market is assuming DCVax Phase 3 will fail and NWBO is being priced accordingly. When you keep getting delay after delay in finishing up that does not look like a good situation especially when the primary endpoint was PFS. Investors do not seem to believe that NWBO will be allowed by the FDA to breeze past a failure on PFS and use information about a long tail of survival by the FDA.
Both Juno and Kite were considered scientifically superior by both WallStreet and Biotech industry over NWBO science in 2015. But both Juno and Kite were not validated thoroughly by phase III. Tide would start to change I believe once people notice there is a better contender with a sterling safety profile and undeniable long term overall survivals validated by phase III. And when the change of perception starts to embolden, people may realize how deeply undervalued NWBO stock price is. Just the change of perception is enough to cause quite a jump in stock price. Wallstreets and those like AF have been so successful painting the negative narrative. This negative narrative is still hanging on NWBO even until today. LP responded to their attack by working quietly to complete phase III and let the result or data to speak itself. Is the data good? I do believe.