I dont know about beach but this is how I came up with it. I posted this earlier
I read the Biotech industry trades on average 4x that of company revenue.
Based on that article sales of drugs addressing psoriasis in 2010 alone totaled $3.9 billion with expected growth to $7.4 billion by 2020.
Lets round off the total revenue to be 4 billion. Assuming IDRA's IMO-3100 and IMO-8400 are successful and they capture say 10% of the psoriasis drug market. So the revenue with that drug would be 400 million. 4 times 400 million would be 1.6 billion.
1.6 billion divided by number of shares outstanding i.e. 45.17 million comes out to be 35 and right now pps is 2.45.