Petra Capital has initiated coverage of Alexium, page-59

I'm perfectly aware these are Petra's numbers and not the company's? So I'm not sure what your point is.

The expectations I actually have of revenue based on the companies announcements and shareholder newsletters would have me expect a revenue figure closer to $28-$30 million for FY 2017. Which makes Petra's forecast of $22 million almost laughable.

And your calculations on monthly recurring revenue in that post are off? In the January 4C when they make the statement that monthly recurring revenue improved from $1.25 million to 1.5 million a month, they are not referring to the March Quarter, they are referring to the December Quarter! So not sure how you can revert back to $1.25 million in Jan, $1.5 million in Feb when at the very minimum January should starting from a base of $1.5 million?

In the March Quarterly they say average monthly recurring revenues exceed 2 million. I take that to mean approx
January - $1.5 million , Feb - $2 million March - $2.5 million or thereabouts.

I'm just curious as to why people would deride Moelis' numbers on the one hand and applaud Petra's on the other?