The market cap is extremely low for future "possible" valuation. At $12 pps the company value is $1.2b. That is the what I think is on the upside. Look at an HGSI and what they sold for. Dyax has some big milestones coming, profitable and LFRP jackpot thought Lilly.
There is very good value and the PPS doesn't match. Could I be wrong? Yes.