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Irrational Sell-Off After Crede Sale Leaves Navidea Biopharmaceuticals Very Undervalued

I've written several bullish articles about Navidea Biopharmaceuticals (NYSEMKT:NAVB) before, but this is the first time that I will undertake a true valuation for their business rather than focusing on a qualitative assessment and stock price action. I believe that shares of Navidea are significantly undervalued at current levels and the stock presents an excellent risk/reward profile.

Crede Comes To The Table

On September 24, Navidea announced the direct sale of about 10.5 M shares to Crede at a price of $2.84 per share, the closing market price of the previous day. This deal was benign to shareholders compared to most capital raising by biotech companies; however, the market reacted extremely and slammed the stock. It is currently

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