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.