Neither ISIS or AEGR's market capital takes into account competition. Further, neither company is going to achieve their market potential instantly upon approval, that's not how it works. You have to discount the end value of the company by 20% per year for 6 years for the most optimistic projection post-approval. Lastly, you have to discount the post-approval high by another 20% for the pre-pdufa high because it's never guaranteed with the FDA. So, in essence, the pre-pdufa high is only 27% of your projected market capital, or almost $19/share...and that's a pre-pdufa high, not post-adcom high, we still got 2.5 months.