$5.30 target price, page-15

Forget the maths... I've followed biotechs long enough to know that speculators often price in much blue sky once the company has a string of successes.

If we keep the quarterly royalties up with the prospect of future royalties and clinical trials keep progressing well then maths, PE ratios, price/book etc all gets tossed out. Demand and supply start to rule, and often a swarm of new investors get drawn in. This is why my target is $10. Fair value probably more like $5-$10, but I think speculators will get it high if BTA keeps kicking goals.

The current market cap is just too low, but give it three months and we'll see some action (if they don't screw up).

Just my opinoin... I've been wrong before.