When I think there will be a realization that the stock is cheap. Right now there are too many variables to make a definitive call, especially one with a time limit (options). This stock really is at the whim of the major shareholders and it will take a significant event to counter that force. While an acquisition is a possibility, it is a wild card that is hard to bet on with any confidence, although I will say that there are a number of potential companies that could easily insert Feraheme into their portfolio. If I were to take a definitive position now, it would be to go long the stock, or to buy call options with a long expiration date, although the latter is costly.
The main problem is what is the next positive catalyst? Making a valuation call on a company with negative earnings carries no weight. You may be right, but when does the market realize that you are right and have enough conviction to stop the fire sale?