Intrinsic value of OncoMed Pharmaceuticals - OMED

Previous Close

$4.26

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-24%

Previous close

$4.26

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-24%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of OMED 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

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, %
  -3.85
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  25
  26
  26
  27
  28
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Variable operating expenses, $m
 
  109
  112
  115
  118
  121
  125
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
Fixed operating expenses, $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
Total operating expenses, $m
  129
  109
  112
  115
  118
  121
  125
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
Operating income, $m
  -103
  -84
  -86
  -88
  -90
  -93
  -96
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -233
  -245
  -257
  -269
EBITDA, $m
  -101
  -83
  -85
  -87
  -90
  -92
  -95
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -255
  -268
Interest expense (income), $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
Earnings before tax, $m
  -103
  -84
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -255
  -267
  -281
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
  -103
  -84
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -255
  -267
  -281

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  185
  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
  195
  199
  204
  209
  215
  221
  229
  236
  245
  254
  264
  274
  285
  297
  310
  323
  337
  352
  368
  385
  402
  421
  441
  461
  483
  506
  530
  556
  583
  611
  641
Adjusted assets (=assets-cash), $m
  10
  199
  204
  209
  215
  221
  229
  236
  245
  254
  264
  274
  285
  297
  310
  323
  337
  352
  368
  385
  402
  421
  441
  461
  483
  506
  530
  556
  583
  611
  641
Revenue / Adjusted assets
  2.500
  0.131
  0.127
  0.129
  0.130
  0.127
  0.127
  0.127
  0.127
  0.126
  0.129
  0.128
  0.130
  0.128
  0.129
  0.127
  0.128
  0.128
  0.128
  0.127
  0.127
  0.128
  0.127
  0.128
  0.128
  0.128
  0.128
  0.128
  0.129
  0.128
  0.128
Average production assets, $m
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
Working capital, $m
  134
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Total debt, $m
  0
  -39
  -35
  -30
  -25
  -19
  -12
  -5
  2
  10
  19
  29
  39
  49
  61
  73
  85
  99
  113
  128
  144
  161
  179
  197
  217
  238
  259
  282
  306
  332
  359
Total liabilities, $m
  219
  179
  183
  188
  193
  199
  206
  213
  220
  228
  237
  247
  257
  267
  279
  291
  303
  317
  331
  346
  362
  379
  397
  415
  435
  456
  477
  500
  524
  550
  577
Total equity, $m
  -23
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
Total liabilities and equity, $m
  196
  199
  203
  209
  214
  221
  229
  237
  244
  253
  263
  274
  286
  297
  310
  323
  337
  352
  368
  384
  402
  421
  441
  461
  483
  507
  530
  556
  582
  611
  641
Debt-to-equity ratio
  0.000
  -1.940
  -1.700
  -1.430
  -1.140
  -0.840
  -0.540
  -0.220
  0.090
  0.410
  0.730
  1.040
  1.360
  1.660
  1.960
  2.250
  2.530
  2.810
  3.070
  3.330
  3.580
  3.820
  4.050
  4.280
  4.490
  4.690
  4.890
  5.080
  5.260
  5.430
  5.600
Adjusted equity ratio
  -20.800
  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
  -103
  -84
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -255
  -267
  -281
Depreciation, amort., depletion, $m
  2
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  16
  -83
  -84
  -86
  -89
  -92
  -95
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -172
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
Change in working capital, $m
  53
  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
Cash from operations, $m
  -37
  -83
  -84
  -86
  -89
  -92
  -95
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -181
  -189
  -199
  -208
  -219
  -229
  -241
  -253
  -265
  -279
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -30
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Free cash flow, $m
  -67
  -84
  -84
  -87
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -231
  -243
  -255
  -267
  -281
Issuance/(repayment) of debt, $m
  0
  -39
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Issuance/(repurchase) of shares, $m
  65
  127
  85
  87
  90
  93
  96
  100
  103
  108
  112
  117
  122
  127
  133
  139
  145
  152
  160
  167
  175
  184
  193
  202
  212
  222
  233
  245
  257
  270
  284
Cash from financing (excl. dividends), $m  
  65
  88
  89
  92
  95
  99
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  174
  182
  191
  201
  211
  221
  232
  243
  255
  268
  281
  295
  311
Total cash flow (excl. dividends), $m
  -1
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Retained Cash Flow (-), $m
  27
  -127
  -85
  -87
  -90
  -93
  -96
  -100
  -103
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -245
  -257
  -270
  -284
Prev. year cash balance distribution, $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
Cash flow adjustment, $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
Cash available for distribution, $m
 
  -122
  -80
  -82
  -84
  -86
  -89
  -92
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -126
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -200
  -209
  -220
  -231
  -242
  -254
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -116
  -71
  -68
  -64
  -61
  -58
  -54
  -50
  -46
  -43
  -39
  -35
  -31
  -28
  -24
  -21
  -18
  -15
  -12
  -10
  -8
  -6
  -5
  -3
  -3
  -2
  -1
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  50.0
  9.5
  1.8
  0.3
  0.1
  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

OncoMed Pharmaceuticals, Inc., a clinical development-stage biopharmaceutical company, discovers and develops novel anti-cancer stem cell (CSC) and immuno-oncology therapeutics. The company’s product candidates and preclinical programs include demcizumab (anti-DLL4, OMP-21M18), a humanized monoclonal antibody, which is in two Phase II clinical trials for non-small cell lung cancer and pancreatic cancer patients; tarextumab (anti-Notch2/3, OMP-59R5) that targets the Notch2 and Notch3 receptors, which is in Phase II clinical trial for small cell lung cancer patients; vantictumab (anti-Fzd7, OMP-18R5) that is in two Phase Ib clinical trials for breast cancer and pancreatic cancer patients; ipafricept (Fzd8-Fc, OMP-54F28), a fusion protein based Frizzled8 receptor or Fzd8, which is in two Phase Ib clinical trials for pancreatic and ovarian cancer patients; and brontictuzumab (anti-Notch1, OMP-52M51) targeting the Notch1 receptor, which completed Phase Ia clinical trial in solid tumor patients. It is also developing anti-DLL4/vascular endothelial growth factor (VEGF) bispecific (OMP-305B83), which is in a single-agent Phase Ia clinical trial that targets and inhibits DLL4 and VEGF for solid tumors; anti-RSPO3 (OMP-131R10), a monoclonal antibody, which is in Phase Ia/b clinical trials for solid tumor and metastatic colorectal cancer patients; Wnt small molecule inhibitors that is in preclinical testing; GITRL-Fc, a preclinical product candidate targeting glucocorticoid-induced tumor necrosis factor receptor related protein; and undisclosed pathways. OncoMed Pharmaceuticals, Inc. has strategic alliances with GlaxoSmithKline LLC to develop therapeutic antibody product candidates targeting the Notch signaling pathway; Bayer Pharma AG for biologic and small molecule therapeutic product candidates targeting the Wnt signaling pathway; and Celgene Corporation for anti-CSC product candidates. The company was founded in 2004 and is headquartered in Redwood City, California.

FINANCIAL RATIOS  of  OncoMed Pharmaceuticals (OMED)

Valuation Ratios
P/E Ratio -1.5
Price to Sales 6.3
Price to Book -6.9
Price to Tangible Book
Price to Cash Flow -4.3
Price to Free Cash Flow -4.2
Growth Rates
Sales Growth Rate -3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -47.6%
Ret/ On Assets - 3 Yr. Avg. -33.2%
Return On Total Capital 1084.2%
Ret/ On T. Cap. - 3 Yr. Avg. 273.4%
Return On Equity 1084.2%
Return On Equity - 3 Yr. Avg. 273.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -404%
EBITDA Margin - 3 Yr. Avg. -282.7%
Operating Margin -416%
Oper. Margin - 3 Yr. Avg. -289.3%
Pre-Tax Margin -412%
Pre-Tax Margin - 3 Yr. Avg. -288.8%
Net Profit Margin -412%
Net Profit Margin - 3 Yr. Avg. -288%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 0%

OMED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OMED stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by OncoMed Pharmaceuticals. The default revenue input number comes from 2016 income statement of OncoMed Pharmaceuticals. 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 OMED stock valuation model: a) initial revenue growth rate of 2% 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 5.9%, whose default value for OMED is calculated based on our internal credit rating of OncoMed Pharmaceuticals, 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 OncoMed Pharmaceuticals.
    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 OMED stock the variable cost ratio is equal to 428%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for OMED 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 3.5% for OncoMed Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for OncoMed Pharmaceuticals. 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 OMED stock is equal to 0%.

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 OMED are equal to 18%.

Life of production assets of 10 years is the average useful life of capital assets used in OncoMed Pharmaceuticals 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 OMED is equal to -10%. 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 - $-23 million for OncoMed Pharmaceuticals - 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 36.767 million for OncoMed Pharmaceuticals 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 OncoMed Pharmaceuticals at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ OncoMed Announces Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ Human Antibody Discovery: Of Mice And Phage   [May-11-17 06:55AM  Forbes]
▶ OncoMed reports 1Q loss   [06:56AM  Associated Press]
▶ Bay Area biotech slashes half of staff after drug partnerships falter   [Apr-24-17 05:34PM  American City Business Journals]
▶ OncoMed to lay off half of its staff   [04:53PM  MarketWatch]
▶ OncoMed Announces Workforce Reduction   [04:35PM  GlobeNewswire]
▶ Biotech Movers: OncoMed, Incyte, Omeros   [09:28AM  TheStreet.com]
▶ Peninsula biotech tumbles as cancer trial fails, Bayer nixes drug option   [Apr-10-17 05:10PM  American City Business Journals]
▶ OncoMed Plunges On 'Double Setback'   [03:21PM  Barrons.com]
▶ OncoMed reports 4Q loss   [05:00PM  Associated Press]
▶ Is Park Electrochemical Corp. (PKE) A Good Stock To Buy?   [Dec-18-16 09:56PM  at Insider Monkey]
▶ [$$] Gormley's Take: Overcoming the Precision-Medicine Paradox   [Nov-09-16 07:30AM  at The Wall Street Journal]
Financial statements of OMED
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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