Speculation
Its easy to lose sight, despite this bounce, that there's still virtually NO SPECULATIVE premium built into this stock whatsoever given the potential of a number of the company's core value drivers. Delays and unreliable guidance have punished this stock FAR beyond intrinic value, as one institution after another bailed out of their weakest biotech holdings.
I think that its fair to argue that this stock is undervalued on PB-1402 ALONE given the early positive invitro indications stimulating both red and white blood cell growth and considering the huge potential market. Then you throw PRDT / ARC / MacoPharma, the growing Gel sale business, Hemosol and Tunisia on the pile, I think its easy to see that any significant catalyst is going to push this alot higher.