Given the frequent equity dilution, the share price does not accurately reflect what the market believes re RVX.  However, the market cap is a better reflection of what the market really thinks.  

Peak market cap in 2005 was C$700 million and was less than C$250 million as late as May 2018. Today?  Just under C$620 million...this is before all the warrants etc are fully included in the share count.  And the chart looks like it wants to break out...at least in market cap terms.  

I interpret this to mean that there is movement under the earth...when it comes to the market looking forward and pricing in...hopefully...a very favorable outcome for Phase 3 read out.