Intrinsic value of Aptevo Therapeutics - APVO

Previous Close

$2.68

  Intrinsic Value

$0.84

stock screener

  Rating & Target

str. sell

-69%

Previous close

$2.68

 
Intrinsic value

$0.84

 
Up/down potential

-69%

 
Rating

str. sell

We calculate the intrinsic value of APVO 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 0001), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  23
  36
  54
  79
  111
  153
  205
  269
  346
  437
  542
  663
  799
  951
  1,118
  1,301
  1,499
  1,711
  1,938
  2,179
  2,433
  2,701
  2,983
  3,277
  3,585
  3,906
  4,240
  4,587
  4,949
  5,324
Variable operating expenses, $m
  348
  538
  804
  1,166
  1,645
  2,262
  3,035
  3,986
  5,128
  6,477
  8,042
  9,833
  11,852
  14,101
  16,580
  19,287
  22,217
  25,366
  28,728
  32,299
  36,073
  40,048
  44,219
  48,586
  53,147
  57,903
  62,855
  68,008
  73,366
  78,935
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
  348
  538
  804
  1,166
  1,645
  2,262
  3,035
  3,986
  5,128
  6,477
  8,042
  9,833
  11,852
  14,101
  16,580
  19,287
  22,217
  25,366
  28,728
  32,299
  36,073
  40,048
  44,219
  48,586
  53,147
  57,903
  62,855
  68,008
  73,366
  78,935
Operating income, $m
  -325
  -502
  -750
  -1,088
  -1,534
  -2,109
  -2,831
  -3,717
  -4,782
  -6,040
  -7,500
  -9,169
  -11,052
  -13,150
  -15,462
  -17,986
  -20,718
  -23,655
  -26,790
  -30,120
  -33,640
  -37,347
  -41,237
  -45,309
  -49,562
  -53,997
  -58,616
  -63,421
  -68,418
  -73,611
EBITDA, $m
  -321
  -497
  -743
  -1,077
  -1,520
  -2,090
  -2,805
  -3,683
  -4,740
  -5,987
  -7,434
  -9,089
  -10,955
  -13,034
  -15,326
  -17,828
  -20,536
  -23,447
  -26,555
  -29,855
  -33,344
  -37,018
  -40,874
  -44,910
  -49,126
  -53,522
  -58,100
  -62,863
  -67,816
  -72,964
Interest expense (income), $m
  1
  1
  2
  3
  5
  8
  12
  17
  23
  30
  39
  49
  61
  75
  90
  108
  127
  147
  170
  194
  220
  247
  276
  307
  339
  373
  408
  444
  482
  522
  563
Earnings before tax, $m
  -326
  -504
  -753
  -1,093
  -1,543
  -2,121
  -2,847
  -3,739
  -4,812
  -6,079
  -7,549
  -9,231
  -11,127
  -13,240
  -15,570
  -18,113
  -20,866
  -23,825
  -26,984
  -30,340
  -33,888
  -37,623
  -41,544
  -45,648
  -49,935
  -54,405
  -59,060
  -63,903
  -68,939
  -74,174
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
Net income, $m
  -326
  -504
  -753
  -1,093
  -1,543
  -2,121
  -2,847
  -3,739
  -4,812
  -6,079
  -7,549
  -9,231
  -11,127
  -13,240
  -15,570
  -18,113
  -20,866
  -23,825
  -26,984
  -30,340
  -33,888
  -37,623
  -41,544
  -45,648
  -49,935
  -54,405
  -59,060
  -63,903
  -68,939
  -74,174

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  80
  123
  184
  267
  377
  519
  696
  914
  1,176
  1,486
  1,845
  2,256
  2,719
  3,235
  3,804
  4,425
  5,097
  5,820
  6,591
  7,410
  8,276
  9,188
  10,145
  11,147
  12,193
  13,284
  14,421
  15,603
  16,832
  18,110
Adjusted assets (=assets-cash), $m
  80
  123
  184
  267
  377
  519
  696
  914
  1,176
  1,486
  1,845
  2,256
  2,719
  3,235
  3,804
  4,425
  5,097
  5,820
  6,591
  7,410
  8,276
  9,188
  10,145
  11,147
  12,193
  13,284
  14,421
  15,603
  16,832
  18,110
Revenue / Adjusted assets
  0.288
  0.293
  0.293
  0.296
  0.294
  0.295
  0.295
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  14
  22
  33
  48
  67
  93
  124
  163
  210
  266
  330
  403
  486
  578
  680
  791
  911
  1,040
  1,178
  1,325
  1,479
  1,642
  1,813
  1,993
  2,180
  2,375
  2,578
  2,789
  3,009
  3,237
Working capital, $m
  -2
  -3
  -5
  -7
  -9
  -13
  -17
  -23
  -29
  -37
  -46
  -56
  -68
  -81
  -95
  -111
  -127
  -145
  -165
  -185
  -207
  -230
  -254
  -279
  -305
  -332
  -360
  -390
  -421
  -453
Total debt, $m
  37
  64
  102
  153
  221
  309
  419
  554
  717
  909
  1,131
  1,386
  1,673
  1,993
  2,346
  2,731
  3,148
  3,596
  4,074
  4,582
  5,119
  5,684
  6,277
  6,898
  7,547
  8,224
  8,928
  9,661
  10,423
  11,216
Total liabilities, $m
  49
  76
  114
  166
  234
  322
  432
  567
  729
  921
  1,144
  1,399
  1,686
  2,006
  2,358
  2,743
  3,160
  3,608
  4,086
  4,594
  5,131
  5,697
  6,290
  6,911
  7,560
  8,236
  8,941
  9,674
  10,436
  11,228
Total equity, $m
  30
  47
  70
  102
  143
  197
  265
  347
  447
  565
  701
  857
  1,033
  1,229
  1,446
  1,681
  1,937
  2,211
  2,505
  2,816
  3,145
  3,491
  3,855
  4,236
  4,633
  5,048
  5,480
  5,929
  6,396
  6,882
Total liabilities and equity, $m
  79
  123
  184
  268
  377
  519
  697
  914
  1,176
  1,486
  1,845
  2,256
  2,719
  3,235
  3,804
  4,424
  5,097
  5,819
  6,591
  7,410
  8,276
  9,188
  10,145
  11,147
  12,193
  13,284
  14,421
  15,603
  16,832
  18,110
Debt-to-equity ratio
  1.220
  1.360
  1.450
  1.510
  1.540
  1.570
  1.580
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
  1.630
Adjusted equity ratio
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -326
  -504
  -753
  -1,093
  -1,543
  -2,121
  -2,847
  -3,739
  -4,812
  -6,079
  -7,549
  -9,231
  -11,127
  -13,240
  -15,570
  -18,113
  -20,866
  -23,825
  -26,984
  -30,340
  -33,888
  -37,623
  -41,544
  -45,648
  -49,935
  -54,405
  -59,060
  -63,903
  -68,939
  -74,174
Depreciation, amort., depletion, $m
  3
  5
  7
  10
  14
  19
  25
  33
  43
  54
  66
  81
  97
  116
  136
  158
  182
  208
  236
  265
  296
  328
  363
  399
  436
  475
  516
  558
  602
  647
Funds from operations, $m
  -322
  -499
  -746
  -1,083
  -1,528
  -2,102
  -2,822
  -3,706
  -4,770
  -6,025
  -7,483
  -9,150
  -11,030
  -13,125
  -15,434
  -17,955
  -20,684
  -23,617
  -26,749
  -30,075
  -33,592
  -37,295
  -41,181
  -45,249
  -49,499
  -53,930
  -58,544
  -63,346
  -68,338
  -73,526
Change in working capital, $m
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
Cash from operations, $m
  -322
  -497
  -745
  -1,081
  -1,526
  -2,098
  -2,817
  -3,701
  -4,763
  -6,018
  -7,474
  -9,140
  -11,018
  -13,112
  -15,419
  -17,939
  -20,667
  -23,599
  -26,729
  -30,055
  -33,570
  -37,272
  -41,157
  -45,224
  -49,472
  -53,902
  -58,516
  -63,316
  -68,307
  -73,495
Maintenance CAPEX, $m
  -2
  -3
  -4
  -7
  -10
  -13
  -19
  -25
  -33
  -42
  -53
  -66
  -81
  -97
  -116
  -136
  -158
  -182
  -208
  -236
  -265
  -296
  -328
  -363
  -399
  -436
  -475
  -516
  -558
  -602
New CAPEX, $m
  -5
  -8
  -11
  -15
  -20
  -25
  -32
  -39
  -47
  -55
  -64
  -73
  -83
  -92
  -102
  -111
  -120
  -129
  -138
  -146
  -155
  -163
  -171
  -179
  -187
  -195
  -203
  -211
  -220
  -228
Cash from investing activities, $m
  -7
  -11
  -15
  -22
  -30
  -38
  -51
  -64
  -80
  -97
  -117
  -139
  -164
  -189
  -218
  -247
  -278
  -311
  -346
  -382
  -420
  -459
  -499
  -542
  -586
  -631
  -678
  -727
  -778
  -830
Free cash flow, $m
  -329
  -508
  -760
  -1,102
  -1,555
  -2,137
  -2,868
  -3,764
  -4,843
  -6,115
  -7,591
  -9,279
  -11,182
  -13,301
  -15,637
  -18,186
  -20,945
  -23,910
  -27,075
  -30,437
  -33,990
  -37,731
  -41,657
  -45,766
  -50,058
  -54,533
  -59,194
  -64,043
  -69,085
  -74,325
Issuance/(repayment) of debt, $m
  18
  27
  38
  52
  68
  88
  110
  135
  163
  192
  223
  255
  287
  320
  353
  385
  417
  448
  478
  508
  537
  565
  593
  621
  649
  676
  705
  733
  762
  792
Issuance/(repurchase) of shares, $m
  337
  520
  776
  1,125
  1,584
  2,175
  2,915
  3,822
  4,912
  6,197
  7,686
  9,387
  11,303
  13,436
  15,786
  18,349
  21,121
  24,099
  27,278
  30,651
  34,217
  37,970
  41,907
  46,028
  50,332
  54,819
  59,492
  64,353
  69,407
  74,659
Cash from financing (excl. dividends), $m  
  355
  547
  814
  1,177
  1,652
  2,263
  3,025
  3,957
  5,075
  6,389
  7,909
  9,642
  11,590
  13,756
  16,139
  18,734
  21,538
  24,547
  27,756
  31,159
  34,754
  38,535
  42,500
  46,649
  50,981
  55,495
  60,197
  65,086
  70,169
  75,451
Total cash flow (excl. dividends), $m
  26
  39
  54
  74
  98
  125
  157
  193
  232
  274
  317
  362
  409
  455
  502
  548
  593
  637
  680
  723
  764
  804
  844
  884
  923
  962
  1,002
  1,043
  1,084
  1,127
Retained Cash Flow (-), $m
  -337
  -520
  -776
  -1,125
  -1,584
  -2,175
  -2,915
  -3,822
  -4,912
  -6,197
  -7,686
  -9,387
  -11,303
  -13,436
  -15,786
  -18,349
  -21,121
  -24,099
  -27,278
  -30,651
  -34,217
  -37,970
  -41,907
  -46,028
  -50,332
  -54,819
  -59,492
  -64,353
  -69,407
  -74,659
Prev. year cash balance distribution, $m
  63
  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
  -248
  -481
  -722
  -1,051
  -1,487
  -2,049
  -2,758
  -3,629
  -4,680
  -5,923
  -7,369
  -9,024
  -10,895
  -12,981
  -15,284
  -17,801
  -20,528
  -23,462
  -26,597
  -29,929
  -33,453
  -37,165
  -41,063
  -45,145
  -49,409
  -53,857
  -58,489
  -63,310
  -68,322
  -73,533
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
  -238
  -440
  -628
  -865
  -1,152
  -1,487
  -1,863
  -2,268
  -2,688
  -3,105
  -3,499
  -3,851
  -4,142
  -4,358
  -4,487
  -4,524
  -4,467
  -4,321
  -4,095
  -3,803
  -3,460
  -3,084
  -2,691
  -2,299
  -1,922
  -1,571
  -1,255
  -979
  -746
  -554
Current shareholders' claim on cash, %
  4.1
  0.2
  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
  0.0

Aptevo Therapeutics Inc. is a biotechnology company. The Company is focused on oncology and hematology therapeutics. The Company is engaged in the discovery, development, commercialization and sale of oncology and hematology therapeutics. The Company's technology is the ADAPTIR (modular protein technology) platform. The Company has approximately four products in the areas of hematology and infectious diseases, as well as various investigational-stage product candidates in immuno-oncology. The Company's investigational-stage product candidates include MOR209/ES414, ES210, ES425, Otlertuzumab and 5E3. Its technology can produce monospecific and multispecific immunotherapeutic proteins that bind to various targets. The Company's marketed products are WinRho SDF (Rho(D) Immune Globulin Intravenous (Human)), HepaGam B (Hepatitis B Immune Globulin Intravenous (Human)), VARIZIG (Varicella Zoster Immune Globulin (Human)), and IXINITY (coagulation factor IX (recombinant)).

FINANCIAL RATIOS  of  Aptevo Therapeutics (APVO)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 1.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -1.5
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 35.3%
Total Debt to Equity 35.3%
Interest Coverage -127
Management Effectiveness
Return On Assets -101%
Ret/ On Assets - 3 Yr. Avg. -77.9%
Return On Total Capital -141.8%
Ret/ On T. Cap. - 3 Yr. Avg. -104.4%
Return On Equity -160%
Return On Equity - 3 Yr. Avg. -110.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 33.3%
Gross Margin - 3 Yr. Avg. 48.8%
EBITDA Margin -344.4%
EBITDA Margin - 3 Yr. Avg. -207.9%
Operating Margin -352.8%
Oper. Margin - 3 Yr. Avg. -214.4%
Pre-Tax Margin -355.6%
Pre-Tax Margin - 3 Yr. Avg. -216%
Net Profit Margin -311.1%
Net Profit Margin - 3 Yr. Avg. -198.5%
Effective Tax Rate 12.5%
Eff/ Tax Rate - 3 Yr. Avg. 5.9%
Payout Ratio 0%

APVO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APVO stock intrinsic value calculation we used $14.658 million for the last fiscal year's total revenue generated by Aptevo Therapeutics. The default revenue input number comes from 0001 income statement of Aptevo 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 APVO stock valuation model: a) initial revenue growth rate of 60% 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 APVO is calculated based on our internal credit rating of Aptevo 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 Aptevo 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 APVO stock the variable cost ratio is equal to 1486.7%.

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 APVO 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 Aptevo Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for Aptevo 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 APVO 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 APVO are equal to 60.8%.

Life of production assets of 4 years is the average useful life of capital assets used in Aptevo 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 APVO is equal to -8.5%. 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 - $82.035 million for Aptevo 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 22.669 million for Aptevo 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 Aptevo Therapeutics at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Aptevo Therapeutics Announces IND Submission for APVO436   [May-01-18 09:00AM  GlobeNewswire]
▶ Aptevo executive Jane Gross jumped to a startup and landed in the C-Suite   [Apr-20-18 08:35PM  American City Business Journals]
▶ How Is Bioverativs Alprolix Positioned Now?   [Jan-11-18 09:04AM  Market Realist]
▶ Aptevo Therapeutics Expands Bispecific Antibody Portfolio   [Mar-14-17 09:25AM  GlobeNewswire]
▶ Emergent BioSolutions Inc Sets its Goal   [Feb-24-17 06:31PM  Motley Fool]
▶ Emergent BioSolutions Inc Sets its Goal   [06:31PM  at Motley Fool]
▶ How Aptevo Therapeutics Inc (APVO) Stacks Up Against Its Peers   [Dec-19-16 11:58PM  at Insider Monkey]
▶ Emergent Biosolutions Inc Slimmed Down, Waiting on Contract   [Nov-10-16 02:45PM  at Motley Fool]

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