You're thinking of the Target Price, which is where an analyst thinks the stock will be in 1 year's time. 2 analysts have given a target price for FREQ: one from JP Morgan that gave a price of $25, and one from Goldman Sachs who gave a target price of $30. These prices should be taken with a grain of salt. As an example, I remember when Auris Medical (EARS) was around $2 a share and some analysts had target prices of $12 a share [1]. The stock went on to crash even further.
Also, these prices would be after the Phase II top-line data is released. I would be curious as to how they came upon their target prices. They may spend all day crunching numbers and these prices are just based on how similar companies preformed.
[1]
http://www.newsoracle.com/2016/09/1...rt-about-auris-medical-holding-ag-nasdaqears/ - the $EARS stock had some reverse stock splits to keep it listed on the NASDAQ. If you look at historical information it might list the price as $800 in 2016, but it wasn't that high. As this article mentions, it started off the year around $6 a share. If the reverse splits hadn't happened, a 2016 share of Auris Medical stock would be worth less than a penny today.