I’ve previously mentioned how an irrational feeding frenzy for shares in a dollar biotech stock got bid up to around $60 in 2-3 days for some good news that wasn’t anywhere close to successful phase 3! It might have been only good phase 1/2 news! It subsequently became more rational and I think dropped back to low single digit.
The point is it happens in crazy to justify cases, so it can certainly happen for a likely to become SOC life extending treatment!
So although one can make cases for share price swing to $3 - $30 or more, you can’t rule out a short term overreaction to $50-$75+ even without a strong M&A rumor.
Not saying it will happen, just that it can.
Even in nwbo history we want to forget, when the mishap with Swiss approval happened, the share price was spiked to over a thousand dollars! Not sure how many current shares would be equivalent to those past shares, fwiw…