Intrinsic value of Dicerna Pharmaceuticals - DRNA

Previous Close

$14.76

  Intrinsic Value

$1.15

stock screener

  Rating & Target

str. sell

-92%

Previous close

$14.76

 
Intrinsic value

$1.15

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of DRNA 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 2017), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  3
  5
  7
  11
  15
  21
  28
  37
  47
  60
  74
  90
  109
  130
  153
  178
  204
  233
  264
  297
  332
  369
  407
  447
  489
  533
  578
  626
  675
  726
Variable operating expenses, $m
  131
  202
  302
  438
  618
  850
  1,141
  1,498
  1,927
  2,434
  3,023
  3,696
  4,455
  5,300
  6,232
  7,250
  8,351
  9,535
  10,799
  12,141
  13,560
  15,054
  16,622
  18,263
  19,977
  21,765
  23,627
  25,564
  27,578
  29,671
Fixed operating expenses, $m
  50
  51
  52
  53
  55
  56
  57
  58
  60
  61
  62
  64
  65
  66
  68
  69
  71
  72
  74
  76
  77
  79
  81
  83
  84
  86
  88
  90
  92
  94
Total operating expenses, $m
  181
  253
  354
  491
  673
  906
  1,198
  1,556
  1,987
  2,495
  3,085
  3,760
  4,520
  5,366
  6,300
  7,319
  8,422
  9,607
  10,873
  12,217
  13,637
  15,133
  16,703
  18,346
  20,061
  21,851
  23,715
  25,654
  27,670
  29,765
Operating income, $m
  -178
  -248
  -347
  -481
  -658
  -885
  -1,170
  -1,520
  -1,940
  -2,436
  -3,011
  -3,669
  -4,411
  -5,237
  -6,148
  -7,142
  -8,218
  -9,374
  -10,608
  -11,919
  -13,305
  -14,764
  -16,296
  -17,899
  -19,573
  -21,319
  -23,137
  -25,028
  -26,995
  -29,039
EBITDA, $m
  -177
  -248
  -346
  -480
  -656
  -883
  -1,168
  -1,517
  -1,936
  -2,431
  -3,005
  -3,662
  -4,402
  -5,226
  -6,135
  -7,127
  -8,201
  -9,355
  -10,587
  -11,895
  -13,278
  -14,734
  -16,262
  -17,862
  -19,533
  -21,275
  -23,089
  -24,977
  -26,939
  -28,979
Interest expense (income), $m
  0
  0
  0
  1
  2
  4
  6
  9
  12
  16
  21
  27
  34
  41
  50
  60
  70
  82
  95
  108
  123
  138
  154
  172
  190
  208
  228
  249
  270
  292
  315
Earnings before tax, $m
  -178
  -249
  -348
  -483
  -662
  -891
  -1,179
  -1,532
  -1,956
  -2,457
  -3,038
  -3,703
  -4,452
  -5,287
  -6,207
  -7,212
  -8,300
  -9,468
  -10,717
  -12,042
  -13,443
  -14,919
  -16,467
  -18,088
  -19,781
  -21,547
  -23,385
  -25,298
  -27,287
  -29,354
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
  -178
  -249
  -348
  -483
  -662
  -891
  -1,179
  -1,532
  -1,956
  -2,457
  -3,038
  -3,703
  -4,452
  -5,287
  -6,207
  -7,212
  -8,300
  -9,468
  -10,717
  -12,042
  -13,443
  -14,919
  -16,467
  -18,088
  -19,781
  -21,547
  -23,385
  -25,298
  -27,287
  -29,354

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
  34
  52
  78
  113
  159
  219
  294
  386
  497
  627
  779
  953
  1,148
  1,366
  1,606
  1,868
  2,152
  2,457
  2,783
  3,129
  3,495
  3,880
  4,284
  4,707
  5,149
  5,609
  6,089
  6,588
  7,108
  7,647
Adjusted assets (=assets-cash), $m
  34
  52
  78
  113
  159
  219
  294
  386
  497
  627
  779
  953
  1,148
  1,366
  1,606
  1,868
  2,152
  2,457
  2,783
  3,129
  3,495
  3,880
  4,284
  4,707
  5,149
  5,609
  6,089
  6,588
  7,108
  7,647
Revenue / Adjusted assets
  0.088
  0.096
  0.090
  0.097
  0.094
  0.096
  0.095
  0.096
  0.095
  0.096
  0.095
  0.094
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
  0.095
Average production assets, $m
  3
  4
  6
  9
  12
  17
  23
  30
  39
  49
  61
  74
  90
  107
  126
  146
  168
  192
  218
  245
  273
  303
  335
  368
  403
  439
  476
  515
  556
  598
Working capital, $m
  -7
  -11
  -16
  -23
  -33
  -45
  -60
  -79
  -102
  -129
  -160
  -196
  -236
  -280
  -330
  -384
  -442
  -504
  -571
  -642
  -717
  -796
  -879
  -966
  -1,057
  -1,152
  -1,250
  -1,353
  -1,459
  -1,570
Total debt, $m
  8
  23
  44
  73
  111
  161
  222
  298
  389
  497
  622
  765
  926
  1,106
  1,304
  1,520
  1,754
  2,005
  2,273
  2,558
  2,860
  3,177
  3,510
  3,859
  4,223
  4,602
  4,998
  5,409
  5,837
  6,281
Total liabilities, $m
  28
  43
  64
  93
  131
  180
  242
  318
  409
  517
  642
  785
  946
  1,126
  1,324
  1,540
  1,774
  2,025
  2,293
  2,578
  2,880
  3,197
  3,530
  3,878
  4,243
  4,622
  5,018
  5,429
  5,857
  6,301
Total equity, $m
  6
  9
  14
  20
  28
  39
  52
  68
  87
  110
  137
  168
  202
  240
  283
  329
  379
  432
  490
  551
  615
  683
  754
  828
  906
  987
  1,072
  1,160
  1,251
  1,346
Total liabilities and equity, $m
  34
  52
  78
  113
  159
  219
  294
  386
  496
  627
  779
  953
  1,148
  1,366
  1,607
  1,869
  2,153
  2,457
  2,783
  3,129
  3,495
  3,880
  4,284
  4,706
  5,149
  5,609
  6,090
  6,589
  7,108
  7,647
Debt-to-equity ratio
  1.330
  2.510
  3.230
  3.680
  3.970
  4.170
  4.300
  4.390
  4.450
  4.500
  4.540
  4.560
  4.580
  4.600
  4.610
  4.620
  4.630
  4.640
  4.640
  4.650
  4.650
  4.650
  4.660
  4.660
  4.660
  4.660
  4.660
  4.660
  4.670
  4.670
Adjusted equity ratio
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -178
  -249
  -348
  -483
  -662
  -891
  -1,179
  -1,532
  -1,956
  -2,457
  -3,038
  -3,703
  -4,452
  -5,287
  -6,207
  -7,212
  -8,300
  -9,468
  -10,717
  -12,042
  -13,443
  -14,919
  -16,467
  -18,088
  -19,781
  -21,547
  -23,385
  -25,298
  -27,287
  -29,354
Depreciation, amort., depletion, $m
  0
  0
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  9
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  60
Funds from operations, $m
  -177
  -248
  -348
  -482
  -660
  -889
  -1,176
  -1,529
  -1,952
  -2,452
  -3,032
  -3,695
  -4,443
  -5,277
  -6,195
  -7,198
  -8,283
  -9,449
  -10,695
  -12,018
  -13,416
  -14,888
  -16,434
  -18,051
  -19,741
  -21,503
  -23,337
  -25,246
  -27,231
  -29,294
Change in working capital, $m
  -3
  -4
  -5
  -7
  -10
  -12
  -15
  -19
  -23
  -27
  -31
  -36
  -40
  -45
  -49
  -54
  -58
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -95
  -99
  -102
  -107
  -111
Cash from operations, $m
  -175
  -244
  -342
  -475
  -651
  -877
  -1,161
  -1,510
  -1,929
  -2,425
  -3,001
  -3,660
  -4,403
  -5,232
  -6,146
  -7,144
  -8,225
  -9,387
  -10,628
  -11,947
  -13,341
  -14,809
  -16,351
  -17,964
  -19,650
  -21,408
  -23,239
  -25,144
  -27,125
  -29,183
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -48
  -52
  -56
New CAPEX, $m
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
Cash from investing activities, $m
  -1
  -1
  -2
  -4
  -5
  -6
  -8
  -9
  -12
  -14
  -17
  -20
  -22
  -26
  -30
  -34
  -37
  -41
  -44
  -49
  -53
  -57
  -62
  -66
  -72
  -76
  -82
  -87
  -93
  -98
Free cash flow, $m
  -176
  -246
  -345
  -479
  -655
  -883
  -1,168
  -1,519
  -1,941
  -2,439
  -3,018
  -3,679
  -4,426
  -5,258
  -6,175
  -7,177
  -8,261
  -9,427
  -10,673
  -11,995
  -13,394
  -14,867
  -16,413
  -18,031
  -19,722
  -21,484
  -23,320
  -25,231
  -27,217
  -29,281
Issuance/(repayment) of debt, $m
  8
  15
  21
  29
  38
  49
  62
  76
  91
  108
  125
  143
  161
  180
  198
  216
  234
  251
  268
  285
  301
  317
  333
  349
  364
  380
  395
  411
  428
  445
Issuance/(repurchase) of shares, $m
  180
  252
  353
  489
  670
  901
  1,192
  1,548
  1,975
  2,480
  3,065
  3,733
  4,487
  5,326
  6,250
  7,258
  8,350
  9,522
  10,774
  12,103
  13,508
  14,986
  16,538
  18,163
  19,859
  21,628
  23,470
  25,386
  27,378
  29,449
Cash from financing (excl. dividends), $m  
  188
  267
  374
  518
  708
  950
  1,254
  1,624
  2,066
  2,588
  3,190
  3,876
  4,648
  5,506
  6,448
  7,474
  8,584
  9,773
  11,042
  12,388
  13,809
  15,303
  16,871
  18,512
  20,223
  22,008
  23,865
  25,797
  27,806
  29,894
Total cash flow (excl. dividends), $m
  12
  21
  29
  40
  53
  68
  85
  104
  126
  148
  172
  197
  222
  247
  273
  298
  322
  346
  370
  393
  415
  437
  459
  480
  501
  523
  545
  567
  589
  612
Retained Cash Flow (-), $m
  -180
  -252
  -353
  -489
  -670
  -901
  -1,192
  -1,548
  -1,975
  -2,480
  -3,065
  -3,733
  -4,487
  -5,326
  -6,250
  -7,258
  -8,350
  -9,522
  -10,774
  -12,103
  -13,508
  -14,986
  -16,538
  -18,163
  -19,859
  -21,628
  -23,470
  -25,386
  -27,378
  -29,449
Prev. year cash balance distribution, $m
  97
  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
  1
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  19
  23
  27
  32
  38
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  156
  169
Cash available for distribution, $m
  -71
  -231
  -323
  -450
  -617
  -834
  -1,107
  -1,443
  -1,850
  -2,332
  -2,893
  -3,536
  -4,265
  -5,078
  -5,977
  -6,961
  -8,028
  -9,176
  -10,404
  -11,710
  -13,093
  -14,549
  -16,080
  -17,682
  -19,357
  -21,105
  -22,925
  -24,819
  -26,789
  -28,837
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
  -68
  -211
  -281
  -370
  -478
  -605
  -748
  -902
  -1,063
  -1,222
  -1,374
  -1,509
  -1,621
  -1,705
  -1,755
  -1,769
  -1,747
  -1,690
  -1,602
  -1,488
  -1,354
  -1,207
  -1,054
  -901
  -753
  -616
  -492
  -384
  -292
  -217
Current shareholders' claim on cash, %
  6.6
  0.5
  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

Dicerna Pharmaceuticals, Inc. is a ribonucleic acid (RNA) interference-based biopharmaceutical company. The Company operates in the segment of discovery, research and development of treatments based on its RNA interference (RNAi) technology platform. The Company is focused on the discovery and development of treatments for rare inherited diseases involving the liver and for cancers that are genetically defined. The Company uses its RNAi technology platform to build a pipeline in these therapeutic areas. The Company develops dacryocystorhinostomy (DCR)-Primary Hyperoxaluria Type 1 (PH1) for the treatment of PH1 by targeting the gene encoding the liver enzyme glycolate oxidase. The Company uses its dicer substrate RNA (DsiRNA)-EX Conjugate technology to develop a subcutaneously injected treatment for PH1. The Company develops DCR-MYC for the treatment of MYC-related cancers, including hepatocellular carcinoma (HCC) and pancreatic neuroendocrine tumors (PNET).

FINANCIAL RATIOS  of  Dicerna Pharmaceuticals (DRNA)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 0
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow -6.3
Price to Free Cash Flow -6.3
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
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 -79.5%
Ret/ On Assets - 3 Yr. Avg. -67.9%
Return On Total Capital -90.9%
Ret/ On T. Cap. - 3 Yr. Avg. -74.7%
Return On Equity -90.9%
Return On Equity - 3 Yr. Avg. -75.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

DRNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRNA stock intrinsic value calculation we used $2 million for the last fiscal year's total revenue generated by Dicerna Pharmaceuticals. The default revenue input number comes from 2017 income statement of Dicerna 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 DRNA 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 DRNA is calculated based on our internal credit rating of Dicerna 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 Dicerna 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 DRNA stock the variable cost ratio is equal to 4084.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $49 million in the base year in the intrinsic value calculation for DRNA 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 Dicerna Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Dicerna 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 DRNA 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 DRNA are equal to 82.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Dicerna 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 DRNA is equal to -216.1%. 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 - $101 million for Dicerna 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 22 million for Dicerna 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 Dicerna Pharmaceuticals at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Alnylam drug approval marks watershed moment for gene-silencing field   [Aug-13-18 10:20PM  American City Business Journals]
▶ Dicerna Pharmaceuticals: 2Q Earnings Snapshot   [06:08PM  Associated Press]
▶ Dicerna Pharmaceuticals: 1Q Earnings Snapshot   [May-14-18 04:16PM  Associated Press]
▶ Why Dicerna Rocketed Higher Today   [Apr-20-18 04:08PM  Motley Fool]
▶ Dicerna to pay $27M to settle Alnylam trade secrets lawsuit   [02:20PM  American City Business Journals]
▶ Dicerna Pharmaceuticals posts 4Q loss   [Mar-08-18 04:30PM  Associated Press]
▶ [$$] Big Biotech Buys: Vericel, Achillion, PTC, Dicerna   [Mar-01-18 12:16PM  Barrons.com]
▶ Dicerna to Participate in Upcoming Investor Conferences   [Feb-06-18 07:30AM  Business Wire]
▶ Dicerna to Present at Noble Capital Markets NobleCon14   [Jan-23-18 07:30AM  Business Wire]
▶ [$$] Bain Makes Bank in Two Rebounding Biotechs   [Dec-21-17 07:58AM  Barrons.com]
▶ Dicerna Announces Proposed Public Offering of Common Stock   [Dec-13-17 04:45PM  Business Wire]
▶ Dicerna Pharmaceuticals posts 3Q loss   [Nov-02-17 06:27PM  Associated Press]
▶ Dicerna Pharmaceuticals posts 2Q loss   [Aug-10-17 09:21PM  Associated Press]
▶ Bain Capital rakes in $720M for first life sciences fund   [May-23-17 09:55AM  American City Business Journals]
▶ Dicerna Pharmaceuticals posts 1Q loss   [May-08-17 04:41PM  Associated Press]
▶ Dicerna Pharmaceuticals posts 4Q loss   [04:24PM  Associated Press]
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