Let me understand YOUR calculation. You say at that time of the great P3 AD reveal, that event will make the AVXL MC $20B! So $20B/75M shares = $266. So I question YOUR ASSUMPTION of $20B MC!
Dr Missling has said, “…that any company producing a disease modifying AD therapy will net $13B to $67B revenue” per year.
Using this and taking the conservative sum of $13B revenue per year. Using a modest PE of 20, yields: