Monday, October 16, 1995
By Karen Bernstein
Over the years, BioCentury has had many conversations with Wall Street analysts
concerning the difficulties of valuing biotech companies based on projections
of value - which ultimately hinge on estimates of market size.
Because these estimates are fraught with uncertainty - especially
when combined with time-to-market projections and assessments of risk - there's
lots of room for Wall Street to come up with any kinds of numbers it wants to
justify a current stock price or 12-month price target.