I still believe it's a seperate thought valuation in isolation....

I still believe it's a seperate thought valuation in isolation. The below is also stated in the note which comments on a range to $48.

Implications and Recommendation | Depending on inputs, we estimate price targets within the range [~$14, ~$48]. Our base case valuation of $24.40 is derived from generally conservative or mid-range assumptions and allows for upside from future derisking events. In light of the anticipated enhanced corporate activity in the sector, we also note the opportunity for value creation via M&A with a lower cost of capital industry player (with franchise synergies) possessing greater capacity for late stage clinical development and subsequent commercialisation.