If the market undervalues MNTA, it may lead to a quick buyout. The FDA in approving MNTA mL has, for all practical purposes, validated MNTA's sophisticated characterization platform. They have come out and articulated a very high-threshold for competitors to meet. This goes far beyond m-enox, it is a lock on complex molecule generics.
The m-enox revenue is just a drop in the bucket at this point. At 20$ a share, this stock is ridiculously cheap. In light of the existing pipeline and the many others to come from the platform, I would argue that DD's valuation thesis in the ReadMeFirst looks far more reasonable.
I'll step out and say what i know others are thinking but not wanting to say ... the next few weeks should result in some pretty stunning gains, which will make the ITMN runnup in March-April 2010 look modest. 80% gain on Friday was just the first step. The market will price this right, in the end... if it takes too long, big pharma will price it right for the market (via a takeover).
Don't forget, co. valuations have moved much higher on pure speculation (see SQNM's jump to a 2 billion $ company a few months ago on pure speculation).
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