If market valuations were always correct there would be no opportunity to make money in the market but we see that is not the case.
While your math is correct about the difference between the cash on hand value and the present share price, concluding that the value of the company is the difference is a short term extraction of faulty conclusions.
At this point in time the ultimate value of the company is an unknown. The shorts are doing their thing as they do with many companies. The longs are resisting the short efforts weakly at this point due to an apparent dearth of news in the short term. The balance of those forces will change as things unfold in the coming months.
Just as the Rett trial results have set the stage for this SP decline, positive AD results and approval will set the stage for SP climb.
You can argue about whether the AD results are good enough to garner an approval or not. The die has been cast with the EMA. The die will be cast with the FDA also.
Only then we will begin to know the value of the company. Till then, the market is no more accurate than it was when the SP went up to $31 intraday.
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