Yeah, IBRX has been losing money by the fucking truckload for years now and diluting the shareholders to stay in business. Back in May, it reached a market cap of $6B when it had fuck-all for sales, but pre-revenue pharma stocks can certainly trade irrationally. As a comparison, I jumped on another pharma developing cancer drugs (Telix, TLX) a few weeks ago because a neuro doctor I play cards with recommended it. He usually has pretty good info related to pharma stocks, he strongly lobbied to be on one of their damn drugs himself as he fights cancer, and he thinks more approvals are coming this year. It has a market cap of ~$6B currently and check out its revenue ramp. Last week they guided FY 25 revenue at $770-800M. They are profitable, growing like a weed......and at a current valuation that IBRX was sporting earlier this year. This is one data point telling me that an approximate valuation for that type of company is ~$6B.
Now contrast that with IBRX
Approvals are obviously important, but IBRX needs to start showing revenue. Anktiva was approved last May, lets see some evidence they can get the product out in the market and make some sales. I stopped averaging down any further a while ago, because honestly the stock seems pretty overvalued with their seeming aversion to revenue. I have made some recent additions with leaps (1/26 $5C) because if they cant clear $5 by next January, I'm probably years away from getting back to even on my shares (~9.00 cost), and will probably just bail on it altogether.