Additional info on how they calculdated the 12 month PPS from last para or report:

"VALUATION OF MANNKIND

We have calculated our 12-month target price from the estimated share profit in 2015, the first year in which we expect operations will be profitable for a full 12-month accounting cycle. (Note that we have not included upfront licensing fees in our estimates.) Our price target was calculated by applying a priceearnings multiple of 54 to the 2014 estimated share earnings of $0.28 to arrive at a future value of $15.12 and discounted that back 1.5 years at an annual rate of 26%. The result of that calculation is a share price of $10.25."

OOG