Hey there,
The main reason why pharmaceutical companies list in the US and not in Canada is demand. For some reason, Canadian investors just shy away from early stage pharmaceutical companies - that includes Canadian institutional investors. It is why a company like Zymworks which started in Canada - de-listed here and kept its US listing. There are very few biotech companies on the TSX for this very reason.
In terms of current valuation, this is very difficult. They are an early stage biotech with has had some pretty significant growth over the past year, likely as a result of some of their covid products. Expectations is for around 10%and 50% revenue growth this year. The problem is that estimates fall off a cliff in post-covid era. Analysts are only expected EPS of 0.13 and 0.16 in Fiscal 2022 and 2023, down from 0.49 this year. Similarly, revenue is suppose to drop to 140M in Fiscal 2022 from 352M this year. So we are looking at negative growth which is likely why the company's stock price is on a downtrend.
That is the risk with these early stage biotechs, inconsistent financials can lead to choppy waters. I'm neutral on the company here given the negative expected growth rates. If you decide to jump in, be sure it aligns with a high risk tolerance because i'd expect this one to be highly volatile.
Mat