MACKIE RESEARCH REPORTIn their report, Mackie Research said: '' IF THE PIVOTAL RESULTS ARE SUCCESSFUL FOR PMX' WE EXPECT THIS STOCK TO GO THROUGH OUR CURRENT TARGET PRICE. WE ARE APPLYING A CONSERVATIVE 50% DISCOUNT RATE TO OUR ESTIMATED 2018 EPS ( FIRST YEAR OF ESTIMATED PMX SALES ) IN OUR VALUATION AND USING A 25X P/E MULTIPLE TO DERIVE OUR 12 MONTH TARGET PRICE OF $2.50. '' I really don't understand their target price because, if the pivotal results are not successful for PMX, the valuation will be -0- and if it is successful, in my opinion, we don't have to apply a 50% discount rate to the estimated 2018 eps and the target price should be $5.00. I think that their target price of $2.50 should be the share price before the trial results and $00 or $5.00 after the results. Meanwhile, if the results are between 10 and 15 absolute reduction in mortality, FDA could approve PMX and share price could be between $1.00 and $2.50 before the FDA decision. I am very confident that the results will be between 15 and 25% absolute reduction.