Just an extract from Bell's research which was a very good read....

Just an extract from Bell's research which was a very good read. Looking like they have their heads screwed on.

Buy 2 rating maintained based on $14.64 probability-weighted valuation
Whilst we remain disappointed with the heavy discount placed on the issue price in the
recent $74m capital raising, we maintain our Buy 2 rating. The various presentations we
attended at the recent BIO conference all point to PGL behaving like a successful global
biotech company. Our DCF probability-weighted valuation remains unchanged at $14.64.
We remain confident that this valuation gap will narrow over the next 6-12 months as PGL
embarks on the final stage of its commercialisation of PI-88.

rr