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  "documentTitle": "PeptiDream, Inc. (4587 JP)",
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      "text": "Using standard industry success rates, our base case implies a revenue miss against analyst expectations of more than 60%, while an aggressive case in the Company's favor would yield a revenue miss in excess of 50%.",
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      "text": "Using standard industry success rates, our base case implies a revenue miss against analyst expectations of more than 60%, while an aggressive case in the Company’s favor would yield a revenue miss in excess of 50%.",
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      "text": "An investor spoke to Analyst A to better understand the basis of his assumptions. Analyst A assumes that PeptiDream will continue to sign new Discovery Partnerships in the next three years, for a total of 27 by the end of Fiscal Year 2022, and up to 30 by Fiscal Year 2025.",
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      "text": "Most damningly, Analyst A projects success rates at each drug development milestone well in excess of the industry averages. Analyst A justifies his “optimistic adjustment[s]” based on claims that “peptide-based therapeutics and in-licensed projects for pharma companies have higher chance of survival.”",
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      "text": "38 FY2018 Financial Results Presentation; 39 Analyst A report; 40 The cumulative industry success rate is 2.9%, while the cumulative success rate Analyst A projects for PeptiDream is 16.5%.",
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