re: hmmm. intelligent investor This report is not logically coherent. At the core of all stock prices is the Net Present Value [NPV] of future cash flows.
With stocks with forecastable cash flows eg banks analysts can agree within a reasonable range.
With biotechs you have to incorporate risk and market penetration to get revenue and then add timing issues.
However, the news that QF-Gold was immune to BCG was much more important than a delay to revenue from QF-1.
The risk is very low for QF-Gold so CST has a much higher potential revenue with a moderate delay of say 1-2 years - this is a better NPV outcome than the QF-1 model. If only QF-1 was available and its revenue was delayed then the present valuation should be lowered.
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