This is one of the things I love about the market...that book I read by Granville, the first few chapters basically amounted to a take down of fundamental analysis.  

If you think about it...let's say that there was a magic forumla that could be applied to shares of RVX.  Let's say BETonMACE gives us results with say 40% RRR for MACE, a 25% improvement in MOCA scores and a certain number for eGFR.  You do the calculating based on the formula which takes share count and everythign into consideration and is spits out a number...say $35 p/shr CDN, that is the "fair value" number that the fomula assigns.

So you own say 10,000 shares, that are said to be worth $350,000.....great.  But if you want to turn those shares into cold hard cash, then you need someone or someones willing to pay you $35 each for them.  But why would anyone pay fair value?  The whole point of investing/trading is to buy low and sell high....  

My own analogy about why fundamental analysis can be overrated is that it would turn the market into a football game with all the players lined up on the same side of the ball.  

If the PPS does in fact get to $35 as I'm sure everyone here hopes and prays it does....if it does get there the only way we'll be selling at that price is if there are others who are convinced that $35 is low with the potential for gains.