KEN, I've got that report..It's by Julie Simmonds at Beeson. Recommends fair value at £1.53 and does a decent comparison with US gene therapy players which are priced much higher and are at similar stages.
Title was "New money, New opportunities". IMO some of it is just padding and even a bit tenuous as you may expect from the house broker. It says "buy at 55p"..obviously! It does succeed in establishing that OXB is undervalued however you look at it and that the Gene Discovery division could do several deals in coming months.