RE: RE: Corrected earnings estimatesMy point is that a few years ago they had a ton of cash (over $800 million) and they blew it. Just look at today's market cap of $200 million if you want proof that they blew it big time.
You are guessing that the street should be giving a company with $400 million in cash, a market cap of of at least $400 million. However, I think the street is quite skeptical that they won't blow it again and as such, we get a market cap of only a fraction of the cash as the market cap.
It is sort of like if Bernie Madoff got out of prison and re-started an investment company. He did a very bad thing and burned a lot of investors and the street would remember. Same with QLT. They did a very bad thing and burned a lot of investors and now (I think) the street is remembering that they have a poor track record of doing the right thing with a ton of cash.
With all that said, I hope they get it right this time.