Could it be the higher price target is pricing in for the reverse split?
"Aerpio will ask its stockholders to approve an amended and restated certificate of incorporation, including to effect a reverse stock split of Aerpio common stock (referred to as the “reverse stock split”), which approval is also necessary to complete the transactions contemplated by the merger agreement. Upon the effectiveness of the amended and restated certificate of incorporation effecting the reverse stock split, the outstanding shares of Aerpio common stock will be combined into a lesser number of shares to be determined by Aerpio’s board of directors (referred to as the “Aerpio Board”) prior to the effective time of such amended and restated certificate of incorporation and public announcement by Aerpio (referred to as the “charter proposal” or “Proposal 2”);"
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