Intrinsic value of Spark Therapeutics - ONCE

Previous Close

$81.25

  Intrinsic Value

$4.14

stock screener

  Rating & Target

str. sell

-95%

Previous close

$81.25

 
Intrinsic value

$4.14

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of ONCE 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, %
  -9.09
  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
  20
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Variable operating expenses, $m
 
  88
  90
  93
  95
  98
  101
  105
  108
  112
  117
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  284
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
  146
  88
  90
  93
  95
  98
  101
  105
  108
  112
  117
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  284
Operating income, $m
  -125
  -76
  -78
  -80
  -82
  -84
  -87
  -90
  -93
  -97
  -101
  -104
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
EBITDA, $m
  -121
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -159
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -230
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
Earnings before tax, $m
  -124
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -244
  -256
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
  -124
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -244
  -256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  296
  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
  374
  153
  157
  161
  165
  170
  176
  182
  188
  195
  202
  210
  219
  228
  238
  248
  259
  270
  283
  295
  309
  323
  338
  354
  371
  389
  407
  427
  448
  469
  492
Adjusted assets (=assets-cash), $m
  78
  153
  157
  161
  165
  170
  176
  182
  188
  195
  202
  210
  219
  228
  238
  248
  259
  270
  283
  295
  309
  323
  338
  354
  371
  389
  407
  427
  448
  469
  492
Revenue / Adjusted assets
  0.256
  0.078
  0.083
  0.081
  0.079
  0.082
  0.080
  0.082
  0.080
  0.082
  0.079
  0.081
  0.082
  0.079
  0.080
  0.081
  0.081
  0.081
  0.081
  0.081
  0.081
  0.080
  0.080
  0.079
  0.081
  0.080
  0.081
  0.080
  0.080
  0.081
  0.079
Average production assets, $m
  26
  43
  44
  45
  46
  47
  49
  51
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  125
  131
  137
Working capital, $m
  285
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
Total debt, $m
  2
  3
  5
  8
  11
  15
  19
  23
  27
  32
  37
  42
  48
  54
  61
  68
  76
  83
  92
  100
  110
  120
  130
  141
  152
  164
  177
  190
  205
  219
  235
Total liabilities, $m
  44
  105
  107
  110
  113
  116
  120
  124
  129
  133
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  254
  266
  279
  292
  306
  321
  337
Total equity, $m
  330
  48
  49
  51
  52
  54
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
Total liabilities and equity, $m
  374
  153
  156
  161
  165
  170
  175
  181
  188
  195
  202
  211
  219
  228
  238
  248
  259
  270
  282
  295
  309
  323
  338
  354
  371
  389
  408
  427
  447
  469
  492
Debt-to-equity ratio
  0.006
  0.060
  0.110
  0.160
  0.220
  0.270
  0.330
  0.390
  0.450
  0.520
  0.580
  0.640
  0.700
  0.760
  0.810
  0.870
  0.920
  0.980
  1.030
  1.080
  1.120
  1.170
  1.210
  1.260
  1.300
  1.340
  1.380
  1.410
  1.450
  1.480
  1.510
Adjusted equity ratio
  0.436
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -124
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -244
  -256
Depreciation, amort., depletion, $m
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Funds from operations, $m
  -76
  -72
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -200
  -210
  -220
  -231
  -242
Change in working capital, $m
  4
  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
Cash from operations, $m
  -80
  -71
  -73
  -75
  -77
  -80
  -83
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -113
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -171
  -180
  -189
  -198
  -208
  -218
  -229
  -240
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
New CAPEX, $m
  -20
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from investing activities, $m
  -286
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -18
  -19
Free cash flow, $m
  -366
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -96
  -99
  -103
  -108
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
  -236
  -247
  -260
Issuance/(repayment) of debt, $m
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
Issuance/(repurchase) of shares, $m
  130
  77
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
Cash from financing (excl. dividends), $m  
  131
  79
  81
  84
  87
  90
  94
  97
  101
  106
  110
  114
  120
  125
  131
  137
  143
  150
  157
  165
  172
  181
  189
  199
  208
  219
  230
  241
  253
  266
  279
Total cash flow (excl. dividends), $m
  -235
  3
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
Retained Cash Flow (-), $m
  -39
  -77
  -79
  -81
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -263
Prev. year cash balance distribution, $m
 
  466
  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
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
Cash available for distribution, $m
 
  392
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -222
  -232
  -244
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
 
  376
  -70
  -68
  -66
  -64
  -62
  -59
  -57
  -54
  -51
  -49
  -45
  -42
  -39
  -36
  -32
  -29
  -25
  -22
  -19
  -16
  -14
  -11
  -9
  -7
  -6
  -5
  -3
  -3
  -2
Current shareholders' claim on cash, %
  100
  76.5
  58.3
  44.3
  33.6
  25.5
  19.3
  14.6
  11.1
  8.3
  6.3
  4.7
  3.6
  2.7
  2.0
  1.5
  1.1
  0.9
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

Spark Therapeutics, Inc. is a gene therapy company. The Company focuses on treating orphan diseases. It has a pipeline of product candidates targeting multiple rare blinding conditions, hematologic disorders and neurodegenerative diseases. Its pipeline includes a product candidate targeting choroideremia (CHM), which is in a Phase I/II clinical trial and a product candidate for hemophilia A, which is in a Phase I/II clinical trial. Its product investigational candidate, voretigene neparvovec, is intended to treat a genetic blinding condition or inherited retinal disease (IRD). The programs targeting hematologic disorders include SPK-FIX, for which the lead product candidate, SPK-9001, is in a Phase I/II clinical trial for the treatment of hemophilia B, as well as SPK-FVIII for the treatment of hemophilia A. In its SPK-FVIII program for the treatment of hemophilia A, the Company has initiated a dose-escalating Phase I/II clinical trial for its lead product candidate, SPK-8011.

FINANCIAL RATIOS  of  Spark Therapeutics (ONCE)

Valuation Ratios
P/E Ratio -17.7
Price to Sales 110
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow -27.5
Price to Free Cash Flow -22
Growth Rates
Sales Growth Rate -9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0.6%
Total Debt to Equity 0.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -35.2%
Ret/ On Assets - 3 Yr. Avg. -36%
Return On Total Capital -39.8%
Ret/ On T. Cap. - 3 Yr. Avg. -49.9%
Return On Equity -39.9%
Return On Equity - 3 Yr. Avg. -50%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -600%
EBITDA Margin - 3 Yr. Avg. -1068.2%
Operating Margin -630%
Oper. Margin - 3 Yr. Avg. -1081.2%
Pre-Tax Margin -620%
Pre-Tax Margin - 3 Yr. Avg. -1077.9%
Net Profit Margin -620%
Net Profit Margin - 3 Yr. Avg. -1077.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ONCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ONCE stock intrinsic value calculation we used $12 million for the last fiscal year's total revenue generated by Spark Therapeutics. The default revenue input number comes from 2016 income statement of Spark Therapeutics. 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 ONCE 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 4.3%, whose default value for ONCE is calculated based on our internal credit rating of Spark Therapeutics, 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 Spark Therapeutics.
    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 ONCE stock the variable cost ratio is equal to 721.1%.

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 ONCE 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 Spark Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Spark Therapeutics. 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 ONCE 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 ONCE are equal to 347.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Spark Therapeutics 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 ONCE is equal to -117.5%. 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 - $514 million for Spark Therapeutics - 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 33 million for Spark Therapeutics 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 Spark Therapeutics at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Pfizer begins late-stage testing of Spark's hemophilia B gene therapy   [Jul-16-18 04:16PM  American City Business Journals]
▶ 3 Biotech Stocks With Major Catalysts Incoming   [Jul-03-18 09:31AM  Motley Fool]
▶ Top High Growth Stocks This Week   [Jun-12-18 12:02PM  Simply Wall St.]
▶ 3 Top Biotech Stocks to Buy in June   [Jun-04-18 11:36AM  Motley Fool]
▶ 3 Biotech Stocks Poised for 12% Gains   [Jun-01-18 12:16PM  Investopedia]
▶ Philadelphia's 'Cellicon Valley' campaign is headed to Boston   [May-31-18 12:57PM  American City Business Journals]
▶ Which Is the Best Hemophilia Stock to Buy Now?   [May-26-18 08:05AM  Motley Fool]
▶ Spark, Pfizer report progress on gene therapy for hemophilia   [May-22-18 11:43AM  American City Business Journals]
▶ High Growth AMEX Stocks For The Day   [May-12-18 12:02PM  Simply Wall St.]
▶ Spark Therapeutics: 1Q Earnings Snapshot   [08:03AM  Associated Press]
▶ Why Hemophilia Patients Could Pay $1.5 Million For Gene Therapy   [May-07-18 04:04PM  Investor's Business Daily]
▶ Peninsula drug maker swings $110 million deal for voucher   [Apr-30-18 05:27PM  American City Business Journals]
▶ Voucher sale brings $110M payday for Spark Therapeutics   [09:18AM  American City Business Journals]
▶ A Winning Stock Picker's 8 Favorite Plays   [Apr-20-18 10:01AM  Investopedia]
▶ How These Gene Therapy Stocks Benefit From Novartis-AveXis Deal   [Apr-10-18 04:23PM  Investor's Business Daily]
▶ 3 Hot Biotech Stocks Facing Sharp Declines   [Apr-02-18 06:00AM  Investopedia]
▶ Roche Hashes Out Details Of Patient Deaths In Hemophilia Drug   [Mar-29-18 04:30PM  Investor's Business Daily]
▶ Mass. Eye and Ear makes history, injecting $850,000 gene therapy for first time   [Mar-20-18 04:24PM  American City Business Journals]
▶ Award time: Life Sciences Pennsylvania hands out annual industry awards   [Mar-16-18 03:32PM  American City Business Journals]
▶ SXSW on the Future of Healthcare   [Mar-15-18 10:54AM  Motley Fool]
▶ 3 Top DNA Stocks to Consider Buying Now   [Feb-23-18 12:29PM  Motley Fool]
▶ Why This Gene Therapy Pioneer Crashed 29.8% in December   [Jan-06-18 10:30AM  Motley Fool]
▶ Corrections & Amplifications   [01:02AM  The Wall Street Journal]
▶ An $850,000 Cure for Blindness, With a Twist   [Jan-04-18 07:30PM  Motley Fool]
▶ Spark, Glaxo Gene Therapies Near $1 Million Still A Bargain?   [04:11PM  Investor's Business Daily]
▶ Spark Should Spark a Pricing Trend   [01:50PM  Bloomberg]
▶ Drug Firm Will Charge $850,000 for Vision-Loss Gene Therapy   [09:21AM  The Wall Street Journal]
Financial statements of ONCE
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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