As a long, it's your job to come to your own understanding and valuation of the company. If you think the stock is fairly valued or over-valued, then sell it at the appropriate time. The whole sector has been crushed, and imo the stock is greatly undervalued, but I need to understand much better where they are going with the new IP. I don't think the market gets the value of dcvax-l, let alone direct, and everything else they now own. Unfortunately, the stock can get crushed and take a long time to recover, but that happens especially when a very narrow sector like ph 2 and ph 3 pre-clinical biotech (soon to be in the clinic unless longs are very mistaken). The undervaluation of Dc-vax-l can be explained at least in part by the risk premium. No value was added for the Roswell Park IP, in part because of how F'ed the stock was already, in part because the sector is so F'ed, and maybe in part because where NW is going with the next gen and how close that is to commercialization is not yet understood at all. Maybe in part because NW hasn't done a great job explaining - I anticipate this presentation to be a huge step in the right direction in that regard, though the focus will be on the science and not the commercial aspect. It's unclear whether or not they will talk about the ph 2 trials at all in discussing commercialization post-MAA approval for dc-vax-l. In normal times, each phase II trial should be valued at several hundred million dollars. IMO, those trials being mostly unvalued at present is another big reason for being patient and waiting for the valuation to get turned around.
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