I skimmed/read it finally and it really is one of the poorer short thesis I've read. The author spends more time (presumably cutting and/pasting) background information that is really not negative. The basis of the short thesis seems more technical than anything. In addition to the nonsense (showing lack of understanding of the company) item Peter noted, I came across this in his valuation.
I project that FGEN will underperform the market over the next 6 to 12 months. This projection is based on an analysis of three key factors that influence common stock performance: earnings strength, relative valuation and recent price movement.
Finally, It lacks the 20 page minimum gold standard short thesis length
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