What broker do you use - I don't think NWBO is marginable - though it could add to account value for margin purposes. I would be very careful with that. Margin kills.
Agree strongly with your main point.
A technical point though, marginable means that the value of the stick adds to your purchasing power. The purchasing power can be used on any stock.
For example, if you have nothing but $100K in SO (no cash balance), you can buy a decent amount NWBO shares on margin.
But if you have all in NWBO, you cannot buy anything on pure margin.
Anybody going heavy margin on biotech does not get it.