I offered a sort of explanation in #msg-170251197. Further, the balance-sheet discussion in #msg-171147993 (bottom) is evidently not well understood by many biotech investors.
Reasonable people might agree with your viewpoint. However, now that Daxxify is on the market I find it hard to see what could prevent RVNC from prospering. An adverse patent ruling is conceivable but quite unlikely, IMO.
ENTA, on the other hand, has a lot riding on clinical data yet to be reported. The other side of the coin is that, if ENTA’s COVID and RSV programs bear fruit, the upside is colossal.