I understand your lack of enthusiasm as I'm also a long time owner in this stock.
Where I'm feeling better right now, is that there's more recurring revenues and better partnerships (Hepalink, Nantpharma and Hematech, CNBG) which involve high investment by them in PLI technology.
Also, the "global pharma" made their drug approval to the FDA, and this could lead later to a better exposure for PLI, and that single deal, if, and once approve by the FDA can alone bring a 5 to 8 cents EPS for PLI starting in 2014.
PLI is not yet out of the wood, and still subject to big variations, but I think that we turn the corner and we (finaly) arrive at the time that PLI share price will also include "future potential", as the company is not at a maturity stage to be evaluated with an EPS ratio.
Once the full credibility back, which have to include analysts coverage (coming soon?), I can see now a steady climb for the stock. In my opinion, the fundementals has never been better than now.
I like to compare PLI with other biotech, and looking at the market cap of a few of them, I don't feel that PLI is over rated.
Like you, I don't want to have too much expectation concerning a $ 2.00 SP in the short term, but give it a few years, I think it will be achieve.