Before approval? Probably under a billion. Would you pay a billion dollars for something that doesn't produce any revenue yet? That's how fund managers lose not just their jobs but their careers. I don't think the market is giving Anavex as much credibility as this message board, but in a few months one side will be proven correct and money will flow to that side of the bet very quickly.
So I believe the more pertinent question is where will Anavex's market cap be immediately after EMA approval if it happens? Because whether Anavex is worth $400k or $4B the night before approval doesn't matter, it will find its intrinsic value quickly once models can take into account that Blarcamesine is marketable.
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