Apologized many times?  What do you mean?  I thought he did a bloody good job in explaining the upside (maybe not as much on the science side; probably coz he would have lost his readers).  But I guess, like all analysts, no matter how bullish they are, they need to sound credible...so putting a $50 target price would have streched the Makalu credibility beyond acceptable limits.

For a contrast, look at the Roth analyst report.  Read between the lines...and he says $20 if the Phase 3 trial goes as expected.  But then he puts zero value on CKD, Dementia etc.  I bet you, the Roth fellow will bump up his price to $30 and start pricing in the CKD etc.  Usual analyst games...keep the upside in your pocket if you are bullish!