While we believe an approval and launch in 2014 is a strong possibility, our netpresent-
value-derived price target of $52 assumes a full Phase III trial will be
needed, a launch in 2016, and competition from Prosensa’s drisapersen. Upside to
our valuation would include an accelerated approval in late 2013 or early 2014,
which would increase our price target to above $70. Upside to our price target
could include the potential for significantly higher penetration, as drisapersen has
shown a potential for market-limiting renal and hematological side effects.
Well then their $52 price target is too low, because drisapersen is dead in the water - even if they could get it approved, why would any physician/parent choose it over the side effect profile of eteplirsen - and accelerated approval is a slam dunk.