Ridiculous, how many times has this stock done this in the past few months. This is a day trader stocks wet dream. Basing a biotechs numbers on earnings is ridiculous, everyone here who talks fundamentals should please stop, this stock has never held according to any of the fundamental charts.
I agree that the day traders have a lot to do with this but at the same time; the shorts will cover and help these kinds of short-lived increases. The fundamentals are actually with this price of 3 to 4 since CRIS royalties are at the lowest end of normal. They have to renegotiate the rate with Roche. When I was working on a royalty agreement with Sanofi, we were able to double the rate!
The valuation of CRIS comes from the fact that investors are forgetting the AU market and soon-to-come approval. Their other programs are in Phase 1 and that doesn't help the valuation. The other forgotten fact is the phase 2 trials to expand the indication.
Overall, as I wrote earlier, I see $7 by the end of July that is to get AU approval (Q2), Genentech presentation (May 30) and the results of Phase 2 (I have to look up for the date) can push it higher.