In your real estate sale - presumably people only buy shares that they predict will increase in value - which is what your "In fact the real money.." says, isn't it? (Ignoring shorting for now...).
In many companies the share price is based on the overall value of the business which includes, to a large extent, the perceived value of its product line and other assets like property, pension funds, cash piles, intellectual property etc etc. In the case of a new company, its potential revenues and profits are projected from the anticipated costs and margins of its product line, and often include various assumptions about market penetration, costs and margin, time to market, likely demand etc etc.
In the event of a novel approach like Synairgens, the signs all points towards a successful drug which will have a use for COVID but also potentially for other major illnesses like COPD and even flu, putting it in a potentially massive market. Your level of belief in that future will determine your willingness to invest.
I find it hard to put an actual value on it but there are some much smarter people who have called it as many multiples of the current price. Highest reasonable one (from a broker) is £50 a share but looking how the pharma industry has splashed the cash previously on drugs (not all of which have been successful btw) I think more like £20 - £25 a share equivalent longer term but I'll probably bail out at around £15, or maybe less as there's only so many Teslas a man can own LOL. I reckon it could be there by about Feb or March if the trials go well.
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