Redeye revisits BioArctic’s valuation based on recent advances in science and the company's steady value creation. We argue that easy and validated blood tests for Alzheimer's in primary care will expand the treatable patient population. We also account for the continuous value build-up in the company’s pipeline. Based on updated but still conservative assumptions, we calculate a fair value per share of SEK 208, a new bear case of SEK 50, and a bull case of SEK 400 per share. The company is greatly undervalued, in our view.