NorthWest Biotherapeutics Inc (NWBO)

[Chiugray]

Improving, Thanks for sharing this. Although the $1 and a “Buy” rating (350% upside) is a very conservative price target for us long-term Retail, it is also very likely it is an important stepping stone, a strategy designed to introduce NWBO to institutional investors at this pre-approval stage.

- Initial coverage is conservative to establish credibility (de-risking, a realistic “attainable” target)
- The risk adjusted NPV calculations at pre-approval has to use heavy discount factors

The key is it provides the formal “buy” justification report for their client’s (Funds and their internal investment committees) to begin accumulating pre-approval. After approval and after feedback from the ecosystem then, their analysts can then layer in additional data for target price revisions. IMO.