You'd have a stronger point if this study was an experimental intervention with binary outcomes. However, what this study was actually doing was fishing for cor

You'd have a stronger point if this study was an experimental intervention with binary outcomes. However, what this study was actually doing was fishing for correlations between various blood factors and depression. Thus the small sample size greatly increases the chance that some factor will "just happen" to be more likely in the 32 depressed patients than in the 32 non-depressed ones. So I stand by "N = 32" as a valid critique of the study.