Intrinsic value of Epizyme - EPZM

Previous Close

$13.40

  Intrinsic Value

$0.96

stock screener

  Rating & Target

str. sell

-93%

Previous close

$13.40

 
Intrinsic value

$0.96

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of EPZM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  166.67
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  8
  12
  15
  19
  22
  26
  31
  35
  41
  46
  52
  58
  65
  71
  79
  86
  94
  102
  111
  120
  129
  138
  148
  159
  169
  180
  192
  204
  217
  230
  243
Variable operating expenses, $m
 
  170
  209
  253
  302
  357
  417
  481
  551
  626
  706
  790
  879
  972
  1,070
  1,172
  1,279
  1,390
  1,505
  1,626
  1,751
  1,880
  2,015
  2,156
  2,301
  2,453
  2,611
  2,775
  2,946
  3,124
  3,309
Fixed operating expenses, $m
 
  11
  11
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
Total operating expenses, $m
  120
  181
  220
  265
  314
  369
  430
  494
  564
  639
  720
  804
  893
  987
  1,085
  1,187
  1,295
  1,406
  1,521
  1,643
  1,768
  1,897
  2,033
  2,174
  2,320
  2,472
  2,630
  2,795
  2,966
  3,145
  3,330
Operating income, $m
  -112
  -169
  -205
  -246
  -292
  -343
  -398
  -459
  -524
  -593
  -667
  -746
  -828
  -915
  -1,006
  -1,101
  -1,200
  -1,303
  -1,411
  -1,523
  -1,639
  -1,760
  -1,885
  -2,015
  -2,151
  -2,292
  -2,438
  -2,591
  -2,749
  -2,915
  -3,087
EBITDA, $m
  -110
  -168
  -204
  -245
  -291
  -342
  -398
  -458
  -523
  -592
  -666
  -744
  -827
  -913
  -1,004
  -1,099
  -1,198
  -1,301
  -1,408
  -1,519
  -1,635
  -1,756
  -1,881
  -2,011
  -2,146
  -2,287
  -2,433
  -2,585
  -2,743
  -2,908
  -3,080
Interest expense (income), $m
  0
  0
  -1
  0
  0
  1
  2
  3
  4
  4
  5
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  37
  39
Earnings before tax, $m
  -110
  -169
  -204
  -246
  -292
  -344
  -400
  -461
  -527
  -598
  -673
  -752
  -836
  -924
  -1,016
  -1,113
  -1,213
  -1,318
  -1,427
  -1,540
  -1,658
  -1,780
  -1,907
  -2,039
  -2,177
  -2,320
  -2,468
  -2,623
  -2,784
  -2,951
  -3,126
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -110
  -169
  -204
  -246
  -292
  -344
  -400
  -461
  -527
  -598
  -673
  -752
  -836
  -924
  -1,016
  -1,113
  -1,213
  -1,318
  -1,427
  -1,540
  -1,658
  -1,780
  -1,907
  -2,039
  -2,177
  -2,320
  -2,468
  -2,623
  -2,784
  -2,951
  -3,126

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  242
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  252
  47
  58
  70
  84
  99
  115
  133
  152
  173
  195
  218
  243
  269
  296
  324
  353
  384
  416
  449
  484
  520
  557
  596
  636
  678
  722
  767
  814
  863
  915
Adjusted assets (=assets-cash), $m
  10
  47
  58
  70
  84
  99
  115
  133
  152
  173
  195
  218
  243
  269
  296
  324
  353
  384
  416
  449
  484
  520
  557
  596
  636
  678
  722
  767
  814
  863
  915
Revenue / Adjusted assets
  0.800
  0.255
  0.259
  0.271
  0.262
  0.263
  0.270
  0.263
  0.270
  0.266
  0.267
  0.266
  0.267
  0.264
  0.267
  0.265
  0.266
  0.266
  0.267
  0.267
  0.267
  0.265
  0.266
  0.267
  0.266
  0.265
  0.266
  0.266
  0.267
  0.267
  0.266
Average production assets, $m
  4
  4
  4
  5
  6
  7
  9
  10
  11
  13
  15
  16
  18
  20
  22
  24
  27
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  69
Working capital, $m
  227
  -9
  -11
  -13
  -16
  -18
  -21
  -25
  -28
  -32
  -36
  -41
  -45
  -50
  -55
  -60
  -66
  -72
  -77
  -84
  -90
  -97
  -104
  -111
  -118
  -126
  -134
  -143
  -152
  -161
  -170
Total debt, $m
  1
  -12
  -2
  9
  21
  35
  49
  66
  83
  102
  121
  142
  164
  188
  212
  237
  264
  291
  320
  350
  381
  414
  447
  482
  518
  556
  595
  636
  679
  723
  769
Total liabilities, $m
  51
  42
  52
  63
  75
  89
  104
  120
  137
  156
  176
  197
  219
  242
  266
  292
  318
  346
  375
  404
  436
  468
  501
  536
  573
  610
  650
  690
  733
  777
  823
Total equity, $m
  202
  5
  6
  7
  8
  10
  12
  13
  15
  17
  20
  22
  24
  27
  30
  32
  35
  38
  42
  45
  48
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
Total liabilities and equity, $m
  253
  47
  58
  70
  83
  99
  116
  133
  152
  173
  196
  219
  243
  269
  296
  324
  353
  384
  417
  449
  484
  520
  557
  596
  637
  678
  722
  767
  814
  863
  914
Debt-to-equity ratio
  0.005
  -2.550
  -0.400
  1.240
  2.510
  3.500
  4.290
  4.920
  5.440
  5.870
  6.220
  6.520
  6.770
  6.980
  7.170
  7.330
  7.470
  7.590
  7.700
  7.790
  7.880
  7.960
  8.030
  8.090
  8.150
  8.200
  8.250
  8.290
  8.330
  8.370
  8.410
Adjusted equity ratio
  -4.000
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -110
  -169
  -204
  -246
  -292
  -344
  -400
  -461
  -527
  -598
  -673
  -752
  -836
  -924
  -1,016
  -1,113
  -1,213
  -1,318
  -1,427
  -1,540
  -1,658
  -1,780
  -1,907
  -2,039
  -2,177
  -2,320
  -2,468
  -2,623
  -2,784
  -2,951
  -3,126
Depreciation, amort., depletion, $m
  2
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
Funds from operations, $m
  -94
  -168
  -204
  -245
  -292
  -343
  -399
  -460
  -526
  -597
  -671
  -751
  -834
  -922
  -1,014
  -1,110
  -1,210
  -1,315
  -1,424
  -1,537
  -1,654
  -1,776
  -1,903
  -2,035
  -2,172
  -2,315
  -2,463
  -2,617
  -2,778
  -2,945
  -3,119
Change in working capital, $m
  2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  -96
  -167
  -202
  -243
  -289
  -340
  -396
  -457
  -523
  -593
  -667
  -746
  -830
  -917
  -1,009
  -1,105
  -1,205
  -1,309
  -1,418
  -1,530
  -1,648
  -1,770
  -1,896
  -2,028
  -2,165
  -2,307
  -2,455
  -2,609
  -2,769
  -2,936
  -3,110
Maintenance CAPEX, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from investing activities, $m
  -165
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -10
  -10
  -10
Free cash flow, $m
  -261
  -168
  -203
  -244
  -291
  -342
  -398
  -459
  -525
  -595
  -670
  -750
  -833
  -921
  -1,013
  -1,109
  -1,210
  -1,314
  -1,423
  -1,536
  -1,654
  -1,776
  -1,903
  -2,035
  -2,172
  -2,315
  -2,463
  -2,617
  -2,778
  -2,945
  -3,120
Issuance/(repayment) of debt, $m
  0
  -12
  10
  11
  12
  14
  15
  16
  17
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
Issuance/(repurchase) of shares, $m
  2
  190
  205
  247
  294
  345
  402
  463
  529
  600
  675
  755
  839
  927
  1,019
  1,115
  1,216
  1,321
  1,430
  1,543
  1,661
  1,784
  1,911
  2,043
  2,181
  2,324
  2,473
  2,627
  2,788
  2,956
  3,131
Cash from financing (excl. dividends), $m  
  131
  178
  215
  258
  306
  359
  417
  479
  546
  619
  695
  776
  861
  950
  1,043
  1,140
  1,243
  1,349
  1,459
  1,573
  1,692
  1,816
  1,945
  2,078
  2,217
  2,362
  2,512
  2,668
  2,831
  3,000
  3,177
Total cash flow (excl. dividends), $m
  -130
  10
  12
  14
  15
  17
  18
  20
  22
  23
  25
  26
  27
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
Retained Cash Flow (-), $m
  -32
  -190
  -205
  -247
  -294
  -345
  -402
  -463
  -529
  -600
  -675
  -755
  -839
  -927
  -1,019
  -1,115
  -1,216
  -1,321
  -1,430
  -1,543
  -1,661
  -1,784
  -1,911
  -2,043
  -2,181
  -2,324
  -2,473
  -2,627
  -2,788
  -2,956
  -3,131
Prev. year cash balance distribution, $m
 
  252
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  3
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
Cash available for distribution, $m
 
  72
  -193
  -233
  -279
  -329
  -383
  -443
  -508
  -577
  -651
  -729
  -811
  -898
  -989
  -1,084
  -1,183
  -1,286
  -1,394
  -1,506
  -1,623
  -1,744
  -1,869
  -2,000
  -2,136
  -2,277
  -2,424
  -2,577
  -2,736
  -2,901
  -3,074
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  69
  -177
  -203
  -229
  -255
  -278
  -299
  -317
  -331
  -341
  -346
  -346
  -341
  -332
  -318
  -301
  -280
  -257
  -232
  -206
  -180
  -155
  -131
  -109
  -89
  -71
  -55
  -42
  -32
  -23
Current shareholders' claim on cash, %
  100
  50.0
  3.7
  0.3
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Epizyme, Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and plans to commercialize epigenetic therapies for cancer patients. The Company is engaged in the discovery and development of novel epigenetic therapies for cancer patients. The Company develops small molecule inhibitors of a class of enzymes known as histone methyltransferases (HMTs). The Company develops small molecule inhibitors of other chromatin modifying proteins (CMPs). The Company's lead product candidate, tazemetostat, is a potent and selective inhibitor of the enhancer of zeste homolog 2 (EZH2) histone methyltransferases (HMT), an enzyme that plays an important role in various cancers. The Company is evaluating tazemetostat in a Phase II study in adults with relapsed or refractory non-Hodgkin lymphoma (NHL), and one Phase I study in children with molecularly defined solid tumors. The Company owns the global development and commercialization rights to tazemetostat outside of Japan.

FINANCIAL RATIOS  of  Epizyme (EPZM)

Valuation Ratios
P/E Ratio -7.1
Price to Sales 97.2
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -8.1
Price to Free Cash Flow -8
Growth Rates
Sales Growth Rate 166.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 242
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -46.8%
Ret/ On Assets - 3 Yr. Avg. -46.8%
Return On Total Capital -58.8%
Ret/ On T. Cap. - 3 Yr. Avg. -60.1%
Return On Equity -59.1%
Return On Equity - 3 Yr. Avg. -60.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -1350%
EBITDA Margin - 3 Yr. Avg. -1949.5%
Operating Margin -1400%
Oper. Margin - 3 Yr. Avg. -1978%
Pre-Tax Margin -1375%
Pre-Tax Margin - 3 Yr. Avg. -1969.7%
Net Profit Margin -1375%
Net Profit Margin - 3 Yr. Avg. -1969.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EPZM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPZM stock intrinsic value calculation we used $10 million for the last fiscal year's total revenue generated by Epizyme. The default revenue input number comes from 2016 income statement of Epizyme. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EPZM stock valuation model: a) initial revenue growth rate of 24.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EPZM is calculated based on our internal credit rating of Epizyme, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Epizyme.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EPZM stock the variable cost ratio is equal to 1360%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for EPZM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Epizyme.

Corporate tax rate of 27% is the nominal tax rate for Epizyme. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EPZM stock is equal to 25%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EPZM are equal to 28.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Epizyme operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EPZM is equal to -70%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $235 million for Epizyme - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 61 million for Epizyme is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Epizyme at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Epizyme: 1Q Earnings Snapshot   [May-08-18 08:06AM  Associated Press]
▶ Epizyme reports 4Q loss   [08:05AM  Associated Press]
▶ Epizyme, Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Epizyme reports 3Q loss   [05:49PM  Associated Press]
▶ ETFs with exposure to Epizyme, Inc. : October 30, 2017   [Oct-30-17 11:45AM  Capital Cube]
▶ ETFs with exposure to Epizyme, Inc. : October 17, 2017   [Oct-17-17 09:42AM  Capital Cube]
▶ ETFs with exposure to Epizyme, Inc. : October 6, 2017   [Oct-06-17 10:50AM  Capital Cube]
▶ Is It Too Late To Buy Epizyme Inc (EPZM)?   [Sep-14-17 10:19AM  Simply Wall St.]
▶ Epizyme Announces Proposed Public Offering of Common Stock   [Sep-13-17 04:01PM  GlobeNewswire]
▶ Epizyme to Participate in Upcoming Investor Conferences   [Aug-30-17 06:30AM  GlobeNewswire]
▶ Epizyme reports 2Q loss   [Aug-04-17 09:38PM  Associated Press]
▶ Biotech Movers: Sangamo, Epizyme, Revance   [Jun-21-17 09:36AM  TheStreet.com]
▶ Biotech Movers: AveXis, Clovis, Epizyme   [Jun-20-17 09:33AM  TheStreet.com]
▶ Biotech Stocks To Watch And Pharma Industry News   [Jun-16-17 01:06PM  Investor's Business Daily]
▶ Why Epizyme Inc.'s Shares Are Skyrocketing Today   [Jun-15-17 08:33PM  Motley Fool]
▶ Could This Small Biotech Pique Interest Of Gilead And Others?   [03:20PM  Investor's Business Daily]
▶ A New Era of Cancer Research as ASCO Kicks Off   [Jun-01-17 07:20AM  24/7 Wall St.]
▶ 3 Stocks With iRobot-Like Return Potential   [May-26-17 09:49AM  Motley Fool]
Financial statements of EPZM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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