Be careful. It's not a good spot to initiate a new long position for a short term play. I still think SQNM is a good speculative buy if your time frame is 6 mos+, but short term it could/should see lower prices. They just did the secondary at $4.15, it's somewhat absurd to think it's "all up from here". I think low 5's again soon. However, I also firmly believe it will be north of $10 at some point over the next year, regardless of if the company ever makes a dime, or not. It's all about the stock.
you can argue that it was at $30 last year, so what is your point, doesn't matter on the issued shares, matters what the company can do and generate. If it can generate 5Billion then you are looking at a $70-80 stock, we don't know what it can do at this point, the price reflects its current position/financials. When the test comes back and positive, future earnings can be in the billions then the price will adjust accordingly like last year.