Intrinsic value of Cerus - CERS

Previous Close

$4.13

  Intrinsic Value

$0.12

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  Rating & Target

str. sell

-97%

Previous close

$4.13

 
Intrinsic value

$0.12

 
Up/down potential

-97%

 
Rating

str. sell

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

We calculate the intrinsic value of CERS 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Cerus (CERS) stock.

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, %
  14.71
  30.00
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
Revenue, $m
  39
  51
  65
  81
  100
  121
  145
  172
  201
  232
  266
  303
  342
  383
  427
  472
  520
  570
  623
  677
  734
  793
  854
  918
  984
  1,053
  1,125
  1,199
  1,276
  1,357
  1,441
Variable operating expenses, $m
 
  61
  78
  97
  120
  146
  175
  206
  241
  279
  320
  364
  411
  461
  513
  568
  626
  686
  749
  814
  883
  953
  1,027
  1,104
  1,184
  1,266
  1,352
  1,442
  1,535
  1,632
  1,732
Fixed operating expenses, $m
 
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  105
  107
  110
  113
  115
Total operating expenses, $m
  101
  117
  136
  156
  181
  208
  239
  271
  308
  348
  390
  436
  485
  537
  591
  648
  708
  770
  835
  902
  973
  1,045
  1,122
  1,201
  1,283
  1,368
  1,457
  1,549
  1,645
  1,745
  1,847
Operating income, $m
  -61
  -67
  -71
  -76
  -81
  -87
  -93
  -100
  -108
  -116
  -124
  -133
  -143
  -153
  -164
  -175
  -187
  -199
  -212
  -225
  -239
  -253
  -268
  -283
  -299
  -315
  -332
  -350
  -368
  -387
  -407
EBITDA, $m
  -59
  -66
  -70
  -75
  -80
  -85
  -91
  -98
  -105
  -113
  -121
  -130
  -139
  -148
  -159
  -169
  -180
  -192
  -204
  -216
  -229
  -243
  -257
  -271
  -286
  -302
  -318
  -335
  -352
  -370
  -389
Interest expense (income), $m
  1
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  19
  21
  23
  25
  28
  30
  32
  35
  37
  40
  42
  45
  48
Earnings before tax, $m
  -63
  -67
  -71
  -77
  -83
  -89
  -96
  -104
  -113
  -122
  -132
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -369
  -390
  -411
  -433
  -455
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
  -63
  -67
  -71
  -77
  -83
  -89
  -96
  -104
  -113
  -122
  -132
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -369
  -390
  -411
  -433
  -455

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  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
  103
  40
  51
  64
  79
  96
  115
  136
  160
  185
  212
  241
  272
  305
  339
  375
  414
  453
  495
  538
  583
  630
  679
  730
  782
  837
  894
  953
  1,015
  1,079
  1,145
Adjusted assets (=assets-cash), $m
  31
  40
  51
  64
  79
  96
  115
  136
  160
  185
  212
  241
  272
  305
  339
  375
  414
  453
  495
  538
  583
  630
  679
  730
  782
  837
  894
  953
  1,015
  1,079
  1,145
Revenue / Adjusted assets
  1.258
  1.275
  1.275
  1.266
  1.266
  1.260
  1.261
  1.265
  1.256
  1.254
  1.255
  1.257
  1.257
  1.256
  1.260
  1.259
  1.256
  1.258
  1.259
  1.258
  1.259
  1.259
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.257
  1.258
  1.259
Average production assets, $m
  3
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  22
  25
  27
  30
  33
  37
  40
  43
  47
  51
  55
  59
  63
  67
  72
  77
  82
  87
  92
Working capital, $m
  67
  3
  3
  4
  5
  6
  7
  9
  10
  12
  14
  15
  17
  20
  22
  24
  27
  29
  32
  35
  37
  40
  44
  47
  50
  54
  57
  61
  65
  69
  73
Total debt, $m
  19
  10
  20
  32
  45
  61
  78
  97
  118
  140
  165
  191
  219
  248
  279
  312
  346
  382
  419
  458
  499
  541
  585
  631
  678
  727
  779
  832
  887
  945
  1,005
Total liabilities, $m
  46
  36
  46
  58
  71
  87
  104
  123
  144
  166
  191
  217
  245
  274
  305
  338
  372
  408
  445
  484
  525
  567
  611
  657
  704
  753
  805
  858
  913
  971
  1,031
Total equity, $m
  58
  4
  5
  6
  8
  10
  12
  14
  16
  18
  21
  24
  27
  30
  34
  38
  41
  45
  49
  54
  58
  63
  68
  73
  78
  84
  89
  95
  101
  108
  115
Total liabilities and equity, $m
  104
  40
  51
  64
  79
  97
  116
  137
  160
  184
  212
  241
  272
  304
  339
  376
  413
  453
  494
  538
  583
  630
  679
  730
  782
  837
  894
  953
  1,014
  1,079
  1,146
Debt-to-equity ratio
  0.328
  2.550
  3.940
  4.960
  5.720
  6.300
  6.750
  7.090
  7.370
  7.590
  7.770
  7.920
  8.040
  8.150
  8.230
  8.310
  8.370
  8.430
  8.470
  8.520
  8.550
  8.590
  8.620
  8.640
  8.670
  8.690
  8.710
  8.730
  8.740
  8.760
  8.770
Adjusted equity ratio
  -0.452
  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
  -63
  -67
  -71
  -77
  -83
  -89
  -96
  -104
  -113
  -122
  -132
  -142
  -153
  -165
  -177
  -190
  -203
  -217
  -231
  -246
  -262
  -278
  -295
  -313
  -331
  -350
  -369
  -390
  -411
  -433
  -455
Depreciation, amort., depletion, $m
  2
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
Funds from operations, $m
  -51
  -67
  -71
  -76
  -81
  -88
  -94
  -102
  -110
  -119
  -128
  -138
  -149
  -160
  -171
  -183
  -196
  -210
  -223
  -238
  -253
  -268
  -284
  -301
  -318
  -336
  -355
  -374
  -394
  -415
  -437
Change in working capital, $m
  3
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
Cash from operations, $m
  -54
  -67
  -71
  -76
  -82
  -89
  -96
  -103
  -111
  -120
  -130
  -140
  -151
  -162
  -173
  -186
  -199
  -212
  -226
  -241
  -256
  -271
  -287
  -304
  -322
  -340
  -359
  -378
  -398
  -419
  -441
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
Cash from investing activities, $m
  -20
  -2
  -2
  -2
  -2
  -2
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Free cash flow, $m
  -74
  -68
  -73
  -78
  -84
  -91
  -99
  -107
  -116
  -125
  -135
  -146
  -157
  -169
  -181
  -194
  -208
  -222
  -237
  -252
  -268
  -284
  -301
  -319
  -338
  -357
  -377
  -397
  -419
  -441
  -464
Issuance/(repayment) of debt, $m
  -1
  -2
  10
  12
  13
  15
  17
  19
  21
  23
  24
  26
  28
  29
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
Issuance/(repurchase) of shares, $m
  25
  78
  73
  78
  84
  91
  98
  106
  115
  124
  134
  145
  156
  168
  180
  193
  207
  221
  235
  251
  267
  283
  300
  318
  336
  355
  375
  395
  417
  439
  462
Cash from financing (excl. dividends), $m  
  25
  76
  83
  90
  97
  106
  115
  125
  136
  147
  158
  171
  184
  197
  211
  226
  241
  257
  272
  290
  308
  325
  344
  364
  383
  404
  426
  448
  472
  497
  522
Total cash flow (excl. dividends), $m
  -49
  8
  10
  11
  13
  15
  17
  18
  20
  22
  24
  25
  27
  29
  30
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
Retained Cash Flow (-), $m
  37
  -78
  -73
  -78
  -84
  -91
  -98
  -106
  -115
  -124
  -134
  -145
  -156
  -168
  -180
  -193
  -207
  -221
  -235
  -251
  -267
  -283
  -300
  -318
  -336
  -355
  -375
  -395
  -417
  -439
  -462
Prev. year cash balance distribution, $m
 
  65
  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
 
  -5
  -63
  -67
  -71
  -76
  -82
  -88
  -95
  -102
  -111
  -119
  -129
  -139
  -150
  -161
  -173
  -186
  -199
  -213
  -227
  -242
  -258
  -274
  -290
  -308
  -325
  -344
  -363
  -383
  -404
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
 
  -5
  -58
  -58
  -58
  -59
  -59
  -59
  -59
  -59
  -58
  -57
  -55
  -53
  -50
  -47
  -44
  -40
  -37
  -33
  -29
  -25
  -21
  -18
  -15
  -12
  -9
  -7
  -6
  -4
  -3
Current shareholders' claim on cash, %
  100
  50.0
  15.8
  5.6
  2.2
  0.9
  0.4
  0.2
  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

Cerus Corporation is a biomedical products company. The Company is engaged in developing and commercializing the INTERCEPT Blood System for blood safety. The Company operates through blood safety segment. The Company's INTERCEPT Blood System is based on its technology for controlling biological replication, and is designed to reduce blood-borne pathogens in donated blood components intended for transfusion. The Company's INTERCEPT Blood System is designed to target and inactivate blood-borne pathogens, such as viruses, including human immunodeficiency virus (HIV), West Nile, Severe acute respiratory syndrome (SARS), hepatitis B and C; bacteria and parasites, as well as harmful white blood cells, while preserving the therapeutic properties of platelet, plasma and red blood cell transfusion products. The Company's INTERCEPT Blood System is for use with blood components, including plasma, platelets, and red blood cells.

FINANCIAL RATIOS  of  Cerus (CERS)

Valuation Ratios
P/E Ratio -6.8
Price to Sales 11
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.8
Growth Rates
Sales Growth Rate 14.7%
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 10
Current Ratio 0.1
LT Debt to Equity 20.7%
Total Debt to Equity 32.8%
Interest Coverage -62
Management Effectiveness
Return On Assets -51.2%
Ret/ On Assets - 3 Yr. Avg. -49%
Return On Total Capital -65.6%
Ret/ On T. Cap. - 3 Yr. Avg. -70.8%
Return On Equity -82.4%
Return On Equity - 3 Yr. Avg. -85.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 48.7%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin -153.8%
EBITDA Margin - 3 Yr. Avg. -141.4%
Operating Margin -159%
Oper. Margin - 3 Yr. Avg. -154.5%
Pre-Tax Margin -161.5%
Pre-Tax Margin - 3 Yr. Avg. -148.8%
Net Profit Margin -161.5%
Net Profit Margin - 3 Yr. Avg. -144.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.2%
Payout Ratio 0%

CERS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CERS stock intrinsic value calculation we used $39 million for the last fiscal year's total revenue generated by Cerus. The default revenue input number comes from 2016 income statement of Cerus. 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 CERS stock valuation model: a) initial revenue growth rate of 30% 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 CERS is calculated based on our internal credit rating of Cerus, 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 Cerus.
    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 CERS stock the variable cost ratio is equal to 120.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $55 million in the base year in the intrinsic value calculation for CERS 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 5.1% for Cerus.

Corporate tax rate of 27% is the nominal tax rate for Cerus. 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 CERS 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 CERS are equal to 6.4%.

Life of production assets of 1.8 years is the average useful life of capital assets used in Cerus 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 CERS is equal to 5.1%. 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 - $58 million for Cerus - 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 116.787 million for Cerus 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 Cerus at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Cerus Announces Pricing of Public Offering of Common Stock   [Jan-31-18 09:00AM  Business Wire]
▶ Cerus Announces Public Offering of Common Stock   [Jan-30-18 04:13PM  Business Wire]
▶ Cerus, Pfizer Both Just Put Out Key Late Stage Data   [Jan-25-18 08:54AM  Market Exclusive]
▶ Should You Buy Cerus Corporation (NASDAQ:CERS) At $3.56?   [Jan-03-18 10:28AM  Simply Wall St.]
▶ ETFs with exposure to Cerus Corp. : December 27, 2017   [Dec-27-17 11:05AM  Capital Cube]
▶ 5 Breakout Stocks Offering Admirable Returns   [Nov-14-17 09:16AM  Zacks]
▶ Here's Why Cerus Corporation Rose as Much as 23.6% Today   [Nov-03-17 01:31PM  Motley Fool]
▶ Cerus reports 3Q loss   [Nov-02-17 05:19PM  Associated Press]
▶ Cerus to Present at Two Upcoming Conferences   [Oct-31-17 08:30AM  Business Wire]
▶ ETFs with exposure to Cerus Corp. : October 30, 2017   [Oct-30-17 11:34AM  Capital Cube]
▶ ETFs with exposure to Cerus Corp. : October 16, 2017   [Oct-16-17 09:49AM  Capital Cube]
▶ Why Cerus Corporation Stock Marched Higher Today   [Oct-05-17 06:09PM  Motley Fool]
▶ ETFs with exposure to Cerus Corp. : October 3, 2017   [Oct-03-17 11:02AM  Capital Cube]
▶ ETFs with exposure to Cerus Corp. : September 22, 2017   [Sep-22-17 11:06AM  Capital Cube]
▶ Cerus to Present at Two Upcoming Conferences   [Aug-30-17 08:30AM  Business Wire]
▶ Cerus reports 2Q loss   [Aug-04-17 02:36AM  Associated Press]
▶ Cerus Corporation Reports Second Quarter 2017 Results   [Aug-03-17 04:02PM  Business Wire]
▶ ETFs with exposure to Cerus Corp. : July 11, 2017   [Jul-11-17 02:17PM  Capital Cube]
▶ Here's Why Cerus Corporation Rose as Much as 17.4% Today   [Jun-07-17 01:26PM  Motley Fool]
▶ Here's Why Cerus Corporation Rose as Much as 16.3% Today   [May-26-17 04:55PM  Motley Fool]
▶ Here's Why Cerus Corporation Stock Is Tanking Today   [May-23-17 03:42PM  Motley Fool]
▶ Biotech Movers: Cerus, Alexion, NantKwest   [09:29AM  TheStreet.com]
▶ Cerus Provides U.S. Business Update   [08:30AM  Business Wire]
▶ ETFs with exposure to Cerus Corp. : May 22, 2017   [May-22-17 01:27PM  Capital Cube]
▶ ETFs with exposure to Cerus Corp. : May 11, 2017   [May-11-17 04:20PM  Capital Cube]
▶ Cerus reports 1Q loss   [May-03-17 05:13PM  Associated Press]
▶ Cerus Corp. Value Analysis (NASDAQ:CERS) : April 24, 2017   [Apr-24-17 03:13PM  Capital Cube]
▶ Cerus to Release First Quarter 2017 Results on May 3, 2017   [Apr-19-17 08:30AM  Business Wire]
▶ ETFs with exposure to Cerus Corp. : April 5, 2017   [Apr-05-17 04:29PM  Capital Cube]
▶ Cerus reports 4Q loss   [Mar-07-17 04:44PM  Associated Press]
Financial statements of CERS
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