Intrinsic value of Athenex - ATNX

Previous Close

$11.26

  Intrinsic Value

$0.17

stock screener

  Rating & Target

str. sell

-98%

Previous close

$11.26

 
Intrinsic value

$0.17

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of ATNX 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 0.7

 

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
  61
  94
  141
  204
  288
  396
  531
  698
  898
  1,134
  1,408
  1,721
  2,075
  2,469
  2,903
  3,376
  3,889
  4,441
  5,029
  5,654
  6,315
  7,011
  7,741
  8,506
  9,304
  10,137
  11,004
  11,906
  12,844
  13,819
Variable operating expenses, $m
  143
  218
  324
  468
  659
  904
  1,212
  1,590
  2,045
  2,582
  3,200
  3,913
  4,716
  5,611
  6,598
  7,675
  8,841
  10,094
  11,432
  12,853
  14,355
  15,937
  17,596
  19,334
  21,149
  23,042
  25,012
  27,063
  29,195
  31,411
Fixed operating expenses, $m
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  92
  94
  96
  98
  100
  102
  104
  107
  109
  111
Total operating expenses, $m
  202
  279
  386
  531
  724
  970
  1,280
  1,659
  2,116
  2,654
  3,274
  3,988
  4,793
  5,690
  6,678
  7,757
  8,925
  10,180
  11,520
  12,943
  14,447
  16,031
  17,692
  19,432
  21,249
  23,144
  25,116
  27,170
  29,304
  31,522
Operating income, $m
  -141
  -185
  -246
  -328
  -436
  -575
  -749
  -962
  -1,218
  -1,520
  -1,866
  -2,267
  -2,718
  -3,221
  -3,776
  -4,381
  -5,036
  -5,739
  -6,490
  -7,288
  -8,131
  -9,019
  -9,951
  -10,926
  -11,945
  -13,007
  -14,113
  -15,264
  -16,460
  -17,704
EBITDA, $m
  -133
  -175
  -233
  -312
  -415
  -548
  -715
  -919
  -1,164
  -1,453
  -1,788
  -2,172
  -2,604
  -3,085
  -3,616
  -4,194
  -4,821
  -5,494
  -6,213
  -6,976
  -7,783
  -8,632
  -9,524
  -10,457
  -11,432
  -12,448
  -13,506
  -14,607
  -15,752
  -16,942
Interest expense (income), $m
  0
  1
  11
  25
  45
  73
  109
  156
  215
  287
  373
  476
  595
  731
  884
  1,055
  1,243
  1,449
  1,671
  1,910
  2,165
  2,437
  2,723
  3,025
  3,342
  3,673
  4,020
  4,381
  4,757
  5,148
  5,555
Earnings before tax, $m
  -142
  -195
  -271
  -373
  -508
  -684
  -904
  -1,176
  -1,505
  -1,894
  -2,342
  -2,862
  -3,449
  -4,105
  -4,831
  -5,624
  -6,484
  -7,410
  -8,401
  -9,454
  -10,568
  -11,742
  -12,976
  -14,268
  -15,618
  -17,027
  -18,494
  -20,021
  -21,608
  -23,259
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
  -142
  -195
  -271
  -373
  -508
  -684
  -904
  -1,176
  -1,505
  -1,894
  -2,342
  -2,862
  -3,449
  -4,105
  -4,831
  -5,624
  -6,484
  -7,410
  -8,401
  -9,454
  -10,568
  -11,742
  -12,976
  -14,268
  -15,618
  -17,027
  -18,494
  -20,021
  -21,608
  -23,259

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
  213
  329
  492
  714
  1,007
  1,384
  1,858
  2,439
  3,139
  3,964
  4,923
  6,019
  7,254
  8,631
  10,149
  11,806
  13,599
  15,526
  17,584
  19,770
  22,081
  24,513
  27,067
  29,740
  32,531
  35,442
  38,474
  41,628
  44,908
  48,317
Adjusted assets (=assets-cash), $m
  213
  329
  492
  714
  1,007
  1,384
  1,858
  2,439
  3,139
  3,964
  4,923
  6,019
  7,254
  8,631
  10,149
  11,806
  13,599
  15,526
  17,584
  19,770
  22,081
  24,513
  27,067
  29,740
  32,531
  35,442
  38,474
  41,628
  44,908
  48,317
Revenue / Adjusted assets
  0.286
  0.286
  0.287
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
Average production assets, $m
  49
  76
  114
  165
  233
  321
  431
  566
  728
  920
  1,142
  1,396
  1,683
  2,002
  2,354
  2,738
  3,154
  3,601
  4,079
  4,586
  5,122
  5,686
  6,278
  6,898
  7,546
  8,221
  8,924
  9,655
  10,416
  11,207
Working capital, $m
  -17
  -27
  -40
  -59
  -83
  -114
  -152
  -200
  -258
  -325
  -404
  -494
  -595
  -708
  -833
  -969
  -1,116
  -1,274
  -1,443
  -1,623
  -1,812
  -2,012
  -2,222
  -2,441
  -2,670
  -2,909
  -3,158
  -3,417
  -3,686
  -3,966
Total debt, $m
  31
  74
  134
  215
  323
  461
  635
  848
  1,105
  1,408
  1,760
  2,162
  2,615
  3,121
  3,678
  4,286
  4,944
  5,651
  6,407
  7,209
  8,057
  8,950
  9,887
  10,868
  11,892
  12,960
  14,073
  15,231
  16,434
  17,685
Total liabilities, $m
  78
  121
  180
  262
  369
  508
  682
  895
  1,152
  1,455
  1,807
  2,209
  2,662
  3,168
  3,725
  4,333
  4,991
  5,698
  6,453
  7,256
  8,104
  8,996
  9,934
  10,914
  11,939
  13,007
  14,120
  15,278
  16,481
  17,732
Total equity, $m
  135
  208
  311
  452
  637
  876
  1,176
  1,544
  1,987
  2,509
  3,116
  3,810
  4,592
  5,464
  6,424
  7,473
  8,608
  9,828
  11,131
  12,514
  13,977
  15,517
  17,133
  18,825
  20,592
  22,435
  24,354
  26,351
  28,427
  30,584
Total liabilities and equity, $m
  213
  329
  491
  714
  1,006
  1,384
  1,858
  2,439
  3,139
  3,964
  4,923
  6,019
  7,254
  8,632
  10,149
  11,806
  13,599
  15,526
  17,584
  19,770
  22,081
  24,513
  27,067
  29,739
  32,531
  35,442
  38,474
  41,629
  44,908
  48,316
Debt-to-equity ratio
  0.230
  0.350
  0.430
  0.480
  0.510
  0.530
  0.540
  0.550
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
Adjusted equity ratio
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -142
  -195
  -271
  -373
  -508
  -684
  -904
  -1,176
  -1,505
  -1,894
  -2,342
  -2,862
  -3,449
  -4,105
  -4,831
  -5,624
  -6,484
  -7,410
  -8,401
  -9,454
  -10,568
  -11,742
  -12,976
  -14,268
  -15,618
  -17,027
  -18,494
  -20,021
  -21,608
  -23,259
Depreciation, amort., depletion, $m
  8
  10
  12
  16
  21
  26
  34
  43
  54
  67
  78
  95
  114
  136
  160
  186
  215
  245
  277
  312
  348
  387
  427
  469
  513
  559
  607
  657
  709
  762
Funds from operations, $m
  -134
  -186
  -258
  -357
  -488
  -657
  -870
  -1,133
  -1,451
  -1,826
  -2,264
  -2,767
  -3,335
  -3,969
  -4,670
  -5,438
  -6,270
  -7,165
  -8,123
  -9,142
  -10,220
  -11,356
  -12,549
  -13,799
  -15,105
  -16,467
  -17,887
  -19,364
  -20,900
  -22,496
Change in working capital, $m
  -7
  -10
  -13
  -18
  -24
  -31
  -39
  -48
  -57
  -68
  -79
  -90
  -101
  -113
  -125
  -136
  -147
  -158
  -169
  -179
  -190
  -200
  -210
  -219
  -229
  -239
  -249
  -259
  -269
  -280
Cash from operations, $m
  -128
  -176
  -245
  -339
  -464
  -626
  -832
  -1,086
  -1,393
  -1,759
  -2,186
  -2,677
  -3,233
  -3,856
  -4,546
  -5,302
  -6,122
  -7,007
  -7,954
  -8,962
  -10,030
  -11,156
  -12,339
  -13,579
  -14,876
  -16,228
  -17,638
  -19,105
  -20,631
  -22,217
Maintenance CAPEX, $m
  -2
  -3
  -5
  -8
  -11
  -16
  -22
  -29
  -38
  -50
  -63
  -78
  -95
  -114
  -136
  -160
  -186
  -215
  -245
  -277
  -312
  -348
  -387
  -427
  -469
  -513
  -559
  -607
  -657
  -709
New CAPEX, $m
  -19
  -27
  -38
  -51
  -68
  -88
  -110
  -135
  -162
  -192
  -222
  -254
  -287
  -319
  -352
  -384
  -416
  -447
  -477
  -507
  -536
  -564
  -592
  -620
  -648
  -675
  -703
  -732
  -761
  -791
Cash from investing activities, $m
  -21
  -30
  -43
  -59
  -79
  -104
  -132
  -164
  -200
  -242
  -285
  -332
  -382
  -433
  -488
  -544
  -602
  -662
  -722
  -784
  -848
  -912
  -979
  -1,047
  -1,117
  -1,188
  -1,262
  -1,339
  -1,418
  -1,500
Free cash flow, $m
  -148
  -206
  -288
  -398
  -543
  -730
  -963
  -1,250
  -1,594
  -2,000
  -2,471
  -3,008
  -3,615
  -4,290
  -5,034
  -5,846
  -6,725
  -7,669
  -8,677
  -9,747
  -10,878
  -12,069
  -13,318
  -14,626
  -15,993
  -17,417
  -18,900
  -20,444
  -22,048
  -23,716
Issuance/(repayment) of debt, $m
  29
  43
  60
  81
  108
  138
  174
  213
  257
  303
  352
  402
  454
  505
  557
  608
  658
  707
  755
  802
  848
  893
  937
  981
  1,025
  1,068
  1,113
  1,158
  1,204
  1,251
Issuance/(repurchase) of shares, $m
  193
  269
  374
  513
  694
  922
  1,204
  1,544
  1,947
  2,416
  2,949
  3,555
  4,231
  4,977
  5,791
  6,673
  7,619
  8,630
  9,703
  10,837
  12,031
  13,282
  14,592
  15,960
  17,385
  18,869
  20,413
  22,017
  23,684
  25,417
Cash from financing (excl. dividends), $m  
  222
  312
  434
  594
  802
  1,060
  1,378
  1,757
  2,204
  2,719
  3,301
  3,957
  4,685
  5,482
  6,348
  7,281
  8,277
  9,337
  10,458
  11,639
  12,879
  14,175
  15,529
  16,941
  18,410
  19,937
  21,526
  23,175
  24,888
  26,668
Total cash flow (excl. dividends), $m
  74
  105
  146
  197
  258
  331
  415
  508
  610
  720
  830
  949
  1,070
  1,192
  1,314
  1,435
  1,553
  1,669
  1,782
  1,893
  2,001
  2,107
  2,211
  2,314
  2,417
  2,521
  2,625
  2,731
  2,840
  2,952
Retained Cash Flow (-), $m
  -193
  -269
  -374
  -513
  -694
  -922
  -1,204
  -1,544
  -1,947
  -2,416
  -2,949
  -3,555
  -4,231
  -4,977
  -5,791
  -6,673
  -7,619
  -8,630
  -9,703
  -10,837
  -12,031
  -13,282
  -14,592
  -15,960
  -17,385
  -18,869
  -20,413
  -22,017
  -23,684
  -25,417
Prev. year cash balance distribution, $m
  6
  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
  -113
  -164
  -228
  -317
  -436
  -591
  -789
  -1,036
  -1,337
  -1,697
  -2,119
  -2,606
  -3,161
  -3,785
  -4,477
  -5,238
  -6,066
  -6,961
  -7,921
  -8,945
  -10,030
  -11,176
  -12,381
  -13,645
  -14,968
  -16,349
  -17,788
  -19,286
  -20,845
  -22,465
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
  -108
  -150
  -198
  -261
  -338
  -429
  -533
  -648
  -768
  -890
  -1,006
  -1,112
  -1,202
  -1,271
  -1,314
  -1,331
  -1,320
  -1,282
  -1,220
  -1,137
  -1,037
  -927
  -811
  -695
  -582
  -477
  -382
  -298
  -228
  -169
Current shareholders' claim on cash, %
  77.6
  62.0
  50.6
  41.9
  35.1
  29.7
  25.3
  21.7
  18.7
  16.3
  14.2
  12.4
  10.9
  9.6
  8.4
  7.5
  6.6
  5.9
  5.2
  4.7
  4.1
  3.7
  3.3
  3.0
  2.7
  2.4
  2.1
  1.9
  1.7
  1.5

Athenex, Inc. is an oncology pharmaceutical company focused on the development and commercialization of therapies for cancer diseases and supportive therapies. The Company's technology platform is organized into three categories, including Oral Absorption Platform, Src Kinase Inhibitors and Symptom Therapeutics. The Company offers Oraxol, an oral formulation of paclitaxel; Orateacan, an oral formulation of Irinotecan; Oradoxel, an oral formulation of Docetaxel, and an oral formulation of Topotecan for the treatment of various types of cancers. Its Src Kinase Inhibitors include KX-01 (KX2-391) and KX-02 (KX2-361) oncology drug candidates. The Company's Symptom Therapeutics include CQ-01, which is used for the treatment of burn pruritus and scars; CQ-R1, which is used for the treatment of an irradiation-induced dermatitis, and an intranasal Granisetron used for the treatment of chemotherapy-induced nausea/vomiting.

FINANCIAL RATIOS  of  Athenex (ATNX)

Valuation Ratios
P/E Ratio -7.1
Price to Sales 29.6
Price to Book 18.3
Price to Tangible Book
Price to Cash Flow -13
Price to Free Cash Flow -12
Growth Rates
Sales Growth Rate 50%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 21
Current Ratio 0
LT Debt to Equity 91.2%
Total Debt to Equity 97.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -77.9%
Ret/ On Assets - 3 Yr. Avg. -81.1%
Return On Total Capital -104.1%
Ret/ On T. Cap. - 3 Yr. Avg. -103.7%
Return On Equity -133.3%
Return On Equity - 3 Yr. Avg. -114.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 4.8%
Gross Margin - 3 Yr. Avg. 37.3%
EBITDA Margin -409.5%
EBITDA Margin - 3 Yr. Avg. -855.6%
Operating Margin -404.8%
Oper. Margin - 3 Yr. Avg. -856.3%
Pre-Tax Margin -419%
Pre-Tax Margin - 3 Yr. Avg. -861.1%
Net Profit Margin -419%
Net Profit Margin - 3 Yr. Avg. -861.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ATNX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATNX stock intrinsic value calculation we used $38.043 million for the last fiscal year's total revenue generated by Athenex. The default revenue input number comes from 0001 income statement of Athenex. 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 ATNX 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 ATNX is calculated based on our internal credit rating of Athenex, 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 Athenex.
    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 ATNX stock the variable cost ratio is equal to 239.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $58 million in the base year in the intrinsic value calculation for ATNX 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 33.8% for Athenex.

Corporate tax rate of 27% is the nominal tax rate for Athenex. 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 ATNX 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 ATNX are equal to 81.1%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Athenex 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 ATNX is equal to -28.7%. 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 - $90.037 million for Athenex - 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 63.518 million for Athenex 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 Athenex at the current share price and the inputted number of shares is $0.7 billion.

COMPANY NEWS

▶ Athenex: 3Q Earnings Snapshot   [07:14AM  Associated Press]
▶ Athenex Appoints Randoll Sze as Chief Financial Officer   [Aug-20-18 08:00AM  GlobeNewswire]
▶ Athenex: 2Q Earnings Snapshot   [Aug-14-18 07:19AM  Associated Press]
▶ Athenex, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Athenex Announces Appointment to Board of Directors   [Jun-15-18 07:00AM  GlobeNewswire]
▶ Athenex Incs (NASDAQ:ATNX) Shift From Loss To Profit   [May-31-18 06:10PM  Simply Wall St.]
▶ Athenex to Present at UBS Global Healthcare Conference   [May-21-18 08:00AM  GlobeNewswire]
▶ Lessons from Athenex's end-of-year reports   [May-18-18 12:18AM  American City Business Journals]
▶ Athenex: 1Q Earnings Snapshot   [May-14-18 07:34PM  Associated Press]
▶ What Do Athenex Inc (NASDAQ:ATNX) Insiders Know That You Dont?   [Apr-27-18 04:58PM  Simply Wall St.]
▶ Why a cohort of experts from Hong Kong PolyU are visiting Buffalo   [01:07PM  American City Business Journals]
▶ Cerecor Appoints Simon Pedder to its Board of Directors   [Apr-09-18 08:00AM  Marketwired]
▶ Athenex production leaders lean on experience from Fresenius-Kabi, Thermo-Fisher   [Apr-06-18 12:59PM  American City Business Journals]
▶ Athenex reports 4Q loss   [Mar-26-18 08:39AM  Associated Press]
▶ Athenex Incs (NASDAQ:ATNX) Shift From Loss To Profit   [Mar-01-18 05:07PM  Simply Wall St.]
▶ Tax breaks approved for Athenex and Tomric   [Feb-23-18 01:30PM  American City Business Journals]
▶ Athenex2018   [Feb-15-18 05:32PM  GlobeNewswire]
▶ Athenex, Inc. Announces Pricing of Offering of Common Stock   [Jan-25-18 07:00AM  GlobeNewswire]
▶ Athenex, Inc. Announces Proposed Offering of Common Stock   [Jan-22-18 07:10AM  GlobeNewswire]
▶ Athenex signs general contractor for 320,000-square-foot factory in Dunkirk   [Jan-11-18 10:54AM  American City Business Journals]
▶ Athenex, Inc. Added to Nasdaq Biotechnology Index   [Dec-18-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Athenex, Inc. : December 11, 2017   [Dec-11-17 01:31PM  Capital Cube]
▶ ETFs with exposure to Athenex, Inc. : November 30, 2017   [Nov-30-17 01:26PM  Capital Cube]
▶ Who Owns Most Of Athenex Inc (ATNX)?   [Nov-23-17 03:51PM  Simply Wall St.]
▶ Athenex reports 3Q loss   [09:12AM  Associated Press]
▶ CORRECTING and REPLACING: Athenex, Inc.   [Sep-11-17 08:50AM  GlobeNewswire]

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