Anavex Life Sciences Corp (AVXL)

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If approval is conditional and limited to a subgroup (e.g., ABCLEAR2 under a CMA), the market may apply just a 1x multiple, especially if there’s doubt about confirmatory trial success. That would imply a $1.8B valuation, or about $18 per share.

It's an insult to the term "subgroup" to use that term to describe 70% of the AD patient population. As to your $1.8 billion valuation, you must be clowning around.