abn amro $3.52 valuation

You guys probably already know, but I've just noticed a new ABN Amro's report on Alchemia's web page.

http://www.alchemia.com.au/investors/analystreports/ABN_AMRO_ACL51011.pdf

They have a valuation of $3.52, but because of the way aussies view biotechs, a price target of $1.76. Still don't know why they value it so low!

They have a probability of success 70%, with most of the risk being accessed as licensing delays. As APP are the experts at getting ANDA's through, I think we will be ok on that score.

Wish Wilsons, Hartleys or Taylor Collison would cover this stock.