broker recommend 35c target - now 11.5c

Doing a little more research on this one. A broker report came out a few days with a 12mth target of 35c.... worth a read...

http://www.biotron.com.au/ftp/Biotron_20091214.pdf

Biotron (BIT) is an early stage company developing
new anti-viral drugs. We like the clinical data so far in
Hepatitis C, the potential for a favourable clinical
outcome in HIV, and the opportunity for early
licensings of the BIT225 compound. We have a
favourable regard for BIT management. With this
note we are re-initiating coverage with a 12-month
target price of 35 cents.

VALUATION
We assume that BIT has value for both HCV and HIV. Our 35 cent target price for
BIT is at the lower level of our base case $0.37 / optimistic case $0.90 per share
probability-weighted DCF valuation, which fully dilutes for the current 1:1 jumbo
options issue. We assume that BIT can be re-rated by the market as further
clinical data emerges.