Intrinsic value of OncoMed Pharmaceuticals - OMED

Previous Close

$1.59

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$1.59

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of OMED 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, %
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  42
  47
  51
  56
  61
  66
  72
  77
  83
  89
  95
  102
  109
  116
  123
  131
  139
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
Variable operating expenses, $m
  216
  238
  262
  286
  311
  338
  365
  394
  423
  454
  486
  520
  554
  590
  628
  667
  707
  750
  794
  840
  888
  938
  990
  1,045
  1,102
  1,162
  1,225
  1,290
  1,358
  1,430
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
  216
  238
  262
  286
  311
  338
  365
  394
  423
  454
  486
  520
  554
  590
  628
  667
  707
  750
  794
  840
  888
  938
  990
  1,045
  1,102
  1,162
  1,225
  1,290
  1,358
  1,430
Operating income, $m
  -174
  -192
  -210
  -230
  -250
  -272
  -294
  -317
  -340
  -365
  -391
  -418
  -446
  -475
  -505
  -536
  -569
  -603
  -638
  -675
  -714
  -754
  -796
  -840
  -886
  -934
  -985
  -1,037
  -1,092
  -1,150
EBITDA, $m
  -173
  -191
  -209
  -229
  -249
  -270
  -292
  -315
  -339
  -363
  -389
  -416
  -443
  -472
  -502
  -534
  -566
  -600
  -635
  -672
  -710
  -751
  -792
  -836
  -882
  -930
  -980
  -1,032
  -1,087
  -1,144
Interest expense (income), $m
  0
  0
  -3
  -3
  -2
  -1
  -1
  0
  1
  1
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
Earnings before tax, $m
  -174
  -188
  -208
  -228
  -249
  -271
  -294
  -317
  -342
  -367
  -394
  -421
  -450
  -480
  -511
  -543
  -577
  -612
  -649
  -687
  -726
  -768
  -811
  -857
  -904
  -954
  -1,005
  -1,059
  -1,116
  -1,176
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
  -174
  -188
  -208
  -228
  -249
  -271
  -294
  -317
  -342
  -367
  -394
  -421
  -450
  -480
  -511
  -543
  -577
  -612
  -649
  -687
  -726
  -768
  -811
  -857
  -904
  -954
  -1,005
  -1,059
  -1,116
  -1,176

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
  112
  123
  135
  148
  161
  175
  189
  203
  219
  235
  251
  269
  286
  305
  324
  345
  366
  388
  410
  434
  459
  485
  512
  540
  570
  601
  633
  667
  702
  739
Adjusted assets (=assets-cash), $m
  112
  123
  135
  148
  161
  175
  189
  203
  219
  235
  251
  269
  286
  305
  324
  345
  366
  388
  410
  434
  459
  485
  512
  540
  570
  601
  633
  667
  702
  739
Revenue / Adjusted assets
  0.375
  0.382
  0.378
  0.378
  0.379
  0.377
  0.381
  0.379
  0.379
  0.379
  0.378
  0.379
  0.381
  0.380
  0.380
  0.380
  0.380
  0.379
  0.380
  0.380
  0.379
  0.379
  0.379
  0.380
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
Average production assets, $m
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
Working capital, $m
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -185
  -199
  -213
  -228
  -244
  -260
  -277
  -295
  -313
  -332
  -352
  -372
  -394
  -417
  -440
  -465
  -490
  -517
  -545
  -575
  -605
  -637
  -671
Total debt, $m
  -58
  -48
  -37
  -26
  -14
  -2
  11
  24
  38
  52
  67
  83
  99
  116
  133
  151
  170
  190
  210
  232
  254
  277
  302
  327
  354
  382
  411
  441
  473
  506
Total liabilities, $m
  100
  111
  122
  133
  145
  157
  170
  183
  197
  211
  226
  242
  258
  275
  292
  310
  329
  349
  369
  391
  413
  436
  461
  486
  513
  541
  570
  600
  632
  665
Total equity, $m
  11
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  32
  34
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
Total liabilities and equity, $m
  111
  123
  136
  148
  161
  174
  189
  203
  219
  234
  251
  269
  287
  306
  324
  344
  366
  388
  410
  434
  459
  484
  512
  540
  570
  601
  633
  667
  702
  739
Debt-to-equity ratio
  -5.240
  -3.900
  -2.760
  -1.750
  -0.880
  -0.110
  0.580
  1.190
  1.740
  2.230
  2.680
  3.080
  3.450
  3.790
  4.100
  4.390
  4.650
  4.900
  5.130
  5.340
  5.540
  5.720
  5.900
  6.060
  6.210
  6.350
  6.490
  6.620
  6.740
  6.850
Adjusted equity ratio
  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
  -174
  -188
  -208
  -228
  -249
  -271
  -294
  -317
  -342
  -367
  -394
  -421
  -450
  -480
  -511
  -543
  -577
  -612
  -649
  -687
  -726
  -768
  -811
  -857
  -904
  -954
  -1,005
  -1,059
  -1,116
  -1,176
Depreciation, amort., depletion, $m
  1
  1
  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
Funds from operations, $m
  -173
  -187
  -207
  -227
  -248
  -269
  -292
  -316
  -340
  -366
  -392
  -419
  -448
  -478
  -509
  -541
  -574
  -609
  -645
  -683
  -723
  -764
  -807
  -852
  -900
  -949
  -1,000
  -1,054
  -1,111
  -1,170
Change in working capital, $m
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
Cash from operations, $m
  -163
  -177
  -196
  -215
  -236
  -257
  -279
  -302
  -326
  -351
  -377
  -404
  -432
  -461
  -491
  -522
  -555
  -589
  -625
  -662
  -700
  -741
  -783
  -827
  -873
  -921
  -971
  -1,024
  -1,079
  -1,136
Maintenance CAPEX, $m
  -1
  -1
  -1
  -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
New CAPEX, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Free cash flow, $m
  -164
  -178
  -197
  -217
  -237
  -259
  -281
  -304
  -328
  -353
  -379
  -406
  -434
  -464
  -494
  -526
  -559
  -593
  -629
  -666
  -705
  -745
  -788
  -832
  -878
  -926
  -977
  -1,030
  -1,085
  -1,143
Issuance/(repayment) of debt, $m
  -58
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
Issuance/(repurchase) of shares, $m
  243
  190
  209
  229
  250
  272
  295
  319
  343
  369
  396
  423
  452
  482
  513
  545
  579
  614
  651
  689
  729
  771
  814
  859
  907
  957
  1,009
  1,063
  1,120
  1,179
Cash from financing (excl. dividends), $m  
  185
  200
  220
  240
  262
  284
  308
  332
  357
  383
  411
  438
  468
  499
  530
  563
  598
  634
  672
  710
  751
  794
  838
  884
  934
  985
  1,038
  1,093
  1,152
  1,212
Total cash flow (excl. dividends), $m
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
  70
Retained Cash Flow (-), $m
  -243
  -190
  -209
  -229
  -250
  -272
  -295
  -319
  -343
  -369
  -396
  -423
  -452
  -482
  -513
  -545
  -579
  -614
  -651
  -689
  -729
  -771
  -814
  -859
  -907
  -957
  -1,009
  -1,063
  -1,120
  -1,179
Prev. year cash balance distribution, $m
  10
  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
  -213
  -168
  -186
  -206
  -226
  -247
  -268
  -291
  -315
  -339
  -364
  -391
  -418
  -447
  -477
  -508
  -540
  -573
  -608
  -644
  -682
  -722
  -763
  -806
  -852
  -899
  -948
  -999
  -1,053
  -1,110
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -201
  -150
  -156
  -160
  -162
  -163
  -162
  -159
  -154
  -147
  -140
  -130
  -120
  -110
  -98
  -87
  -76
  -65
  -55
  -46
  -37
  -30
  -23
  -18
  -13
  -10
  -7
  -5
  -3
  -2
Current shareholders' claim on cash, %
  50.0
  2.8
  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

OncoMed Pharmaceuticals, Inc. (OncoMed) is a clinical-stage biopharmaceutical company. The Company focuses on discovering and developing therapeutics that address the fundamental biology driving cancer's growth, resistance, recurrence and metastasis. The Company's therapeutic candidates and preclinical programs include Demcizumab (Anti-DLL4, OMP-21M18), Tarextumab (Anti-Notch2/3, OMP-59R5), Vantictumab (anti-Fzd7, OMP-18R5), Ipafricept (Fzd8-Fc, OMP-54F28), Brontictuzumab (Anti-Notch1, OMP-52M51), Navicixizumab (Anti-DLL4/VEGF Bispecific, OMP-305B83), Anti-RSPO3 (OMP-131R10), Anti-TIGIT (OMP-313M32) and GITRL-Fc trimer (OMP-336B11). Demcizumab is a humanized monoclonal antibody that inhibits Delta-like Ligand 4 (DLL4) in the Notch signaling pathway. Tarextumab is a human monoclonal antibody that binds to both the Notch2 and Notch3 receptors.

FINANCIAL RATIOS  of  OncoMed Pharmaceuticals (OMED)

Valuation Ratios
P/E Ratio -0.6
Price to Sales 2.4
Price to Book -2.6
Price to Tangible Book
Price to Cash Flow -1.6
Price to Free Cash Flow -1.6
Growth Rates
Sales Growth Rate -3.8%
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 NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -47.6%
Ret/ On Assets - 3 Yr. Avg. -33.2%
Return On Total Capital 1084.2%
Ret/ On T. Cap. - 3 Yr. Avg. 273.4%
Return On Equity 1084.2%
Return On Equity - 3 Yr. Avg. 273.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -404%
EBITDA Margin - 3 Yr. Avg. -282.7%
Operating Margin -416%
Oper. Margin - 3 Yr. Avg. -289.3%
Pre-Tax Margin -412%
Pre-Tax Margin - 3 Yr. Avg. -288.8%
Net Profit Margin -412%
Net Profit Margin - 3 Yr. Avg. -288%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 0%

OMED stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OMED stock intrinsic value calculation we used $38.154 million for the last fiscal year's total revenue generated by OncoMed Pharmaceuticals. The default revenue input number comes from 0001 income statement of OncoMed 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 OMED stock valuation model: a) initial revenue growth rate of 10.9% 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 5.6%, whose default value for OMED is calculated based on our internal credit rating of OncoMed 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 OncoMed 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 OMED stock the variable cost ratio is equal to 510.5%.

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 OMED 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 OncoMed Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for OncoMed 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 OMED 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 OMED are equal to 10.2%.

Life of production assets of 2.3 years is the average useful life of capital assets used in OncoMed 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 OMED is equal to -239.5%. 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 - $-48.603 million for OncoMed 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 38.502 million for OncoMed 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 OncoMed Pharmaceuticals at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ OncoMed: 3Q Earnings Snapshot   [Nov-01-18 06:42PM  Associated Press]
▶ OncoMed Provides Update on Navicixizumab Partnership   [Sep-20-18 08:00AM  GlobeNewswire]
▶ OncoMed: 2Q Earnings Snapshot   [09:17AM  Associated Press]
▶ OncoMed: 1Q Earnings Snapshot   [May-08-18 06:59PM  Associated Press]
▶ 3 Biotech Stocks That Will Thrive Amid Market Instability   [Apr-19-18 09:35AM  InvestorPlace]
▶ OncoMed tops Street 4Q forecasts   [04:37PM  Associated Press]
▶ Best-In-Class Growth Stocks   [Feb-15-18 11:02AM  Simply Wall St.]
▶ Whats Installed For OncoMed Pharmaceuticals Inc (NASDAQ:OMED)?   [Jan-29-18 07:22PM  Simply Wall St.]
▶ Outspoken biotech CEO Paul Hastings leaves Peninsula company (Video)   [Jan-05-18 04:50PM  American City Business Journals]
▶ [$$] 5 Biotech Stocks a Pro Is Buying   [Dec-19-17 05:35AM  Barrons.com]
▶ Who Owns Most Of OncoMed Pharmaceuticals Inc (NASDAQ:OMED)?   [Dec-15-17 06:15PM  Simply Wall St.]
▶ OncoMed reports 3Q loss   [Nov-02-17 06:54PM  Associated Press]
▶ OncoMed Announces Second Quarter 2017 Financial Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ Human Antibody Discovery: Of Mice And Phage   [May-11-17 06:55AM  Forbes]
▶ OncoMed reports 1Q loss   [06:56AM  Associated Press]
▶ Bay Area biotech slashes half of staff after drug partnerships falter   [Apr-24-17 05:34PM  American City Business Journals]
▶ OncoMed to lay off half of its staff   [04:53PM  MarketWatch]
▶ OncoMed Announces Workforce Reduction   [04:35PM  GlobeNewswire]
▶ Biotech Movers: OncoMed, Incyte, Omeros   [09:28AM  TheStreet.com]
▶ Peninsula biotech tumbles as cancer trial fails, Bayer nixes drug option   [Apr-10-17 05:10PM  American City Business Journals]
▶ OncoMed Plunges On 'Double Setback'   [03:21PM  Barrons.com]

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