Feb. 13 at 12:02 AM
Commercial-stage bios (all oncology & non with MCs north of
$750MM) trading for less than 1.10X their lowest share price over the last ~4 months (since 10/1/2025).
$NBIX appears a compelling value because its enterprise value (
$10.2B) is well less than 3.5X FY26 estimates. NBIX's lead drug Ingrezza will do
$2.7-
$2.8B in FY26 sales. NBIX's 2nd FDA approved therapy called Crenessity (approved Q42024) generated as much revenues in its first year on the market as IMGN's Elahere (acquired for
$9.6B), VRNA (acq for
$9.8B) & MDGL's Rezdiffra.
$VSTM continues to trade lower since announcing a management change in 12/25. VSTM's combo therapy for LSGOC did
$17.5MM in its second full quarter on the market which was ahead of consensus by
$1MM. LSGOC is an awful cancer.
$TLX.X reported FY25 sales of
$800MM+ at JPM. TLX trades for less than 3X TTM sales.
$INSM &
$ANIP reported at JPM. Any guidance would be appreciated (especially INSM).
FWIW only. This is not investment advice.
