Biotech Values

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Question to the board and skilled!

I am looking into the WR Hambrecht research report from February 26, 2004 in detail.

In EXHIBIT 3: PRICE TARGET SENSITIVITY TO VALUATION ASSUMPTIONS they get a 12 month price target of $9.04.

I am trying to calculate an EPS of $1.36 and 32 P/E and a 30% discount and get the target sum $9.04.

Can someone assist me with a formula? I don´t understand the numbers presented in exhibit 3. I am doing something wrong but can´t understand what.