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PTX Target Price Revision – H.C Wainwright & Co

November 28, 2019

We maintain our Buy rating and are increasing our price target to A$0.16from A$0.09. The drivers to our valuation chance include: (1) adjustment to base year; (2) adjustment to exchange rate (U.S.to AUD 1.47434 on 11/26/19); and (3) lowering our discount rate from 30% to 25%, which is still higher than our usual 15% forthe majority of companies under our coverage list to account for the early stage nature of Prescient’s assets.

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