Potential competitor Annovis had 8 full tine and 7 part time employees as of a year ago. Cognition has 27 employees. Anavex is a behemoth compared to these two. And ask Novo Nordisk how easy it is to get through a Phase 3 clinical trial.
JNJ has had a lower PE because it is not a pure pharms, so that comp is conservative.
If you are going to criticize Mayo's projections, you have to do better than this.