Intrinsic value of Pieris Pharmaceuticals - PIRS

Previous Close

$3.31

  Intrinsic Value

$10.69

stock screener

  Rating & Target

str. buy

+223%

Previous close

$3.31

 
Intrinsic value

$10.69

 
Up/down potential

+223%

 
Rating

str. buy

We calculate the intrinsic value of PIRS 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 0.2

 

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
  40
  62
  93
  136
  191
  263
  353
  463
  596
  753
  935
  1,144
  1,378
  1,640
  1,928
  2,243
  2,584
  2,950
  3,341
  3,757
  4,196
  4,658
  5,143
  5,651
  6,181
  6,734
  7,311
  7,910
  8,533
  9,181
Variable operating expenses, $m
  40
  62
  93
  136
  191
  263
  353
  463
  596
  753
  935
  1,144
  1,378
  1,640
  1,928
  2,243
  2,584
  2,950
  3,341
  3,757
  4,196
  4,658
  5,143
  5,651
  6,181
  6,734
  7,311
  7,910
  8,533
  9,181
Fixed operating expenses, $m
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  46
Total operating expenses, $m
  65
  87
  119
  162
  218
  290
  381
  492
  625
  783
  965
  1,175
  1,410
  1,673
  1,961
  2,277
  2,619
  2,986
  3,377
  3,794
  4,234
  4,697
  5,183
  5,691
  6,222
  6,776
  7,354
  7,954
  8,578
  9,227
Operating income, $m
  -25
  -25
  -26
  -26
  -27
  -27
  -28
  -29
  -29
  -30
  -30
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -36
  -37
  -38
  -39
  -40
  -40
  -41
  -42
  -43
  -44
  -45
  -46
EBITDA, $m
  -24
  -24
  -24
  -24
  -24
  -23
  -23
  -22
  -20
  -19
  -17
  -14
  -11
  -8
  -5
  -1
  4
  8
  13
  19
  24
  30
  37
  43
  50
  58
  65
  73
  81
  90
Interest expense (income), $m
  0
  0
  1
  4
  9
  15
  24
  34
  48
  64
  84
  108
  135
  166
  201
  240
  283
  330
  381
  436
  495
  557
  622
  692
  764
  840
  919
  1,002
  1,088
  1,178
  1,271
Earnings before tax, $m
  -25
  -26
  -30
  -35
  -42
  -51
  -62
  -76
  -94
  -114
  -138
  -166
  -198
  -234
  -274
  -317
  -365
  -417
  -472
  -532
  -595
  -661
  -731
  -805
  -881
  -962
  -1,045
  -1,132
  -1,223
  -1,317
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
  -25
  -26
  -30
  -35
  -42
  -51
  -62
  -76
  -94
  -114
  -138
  -166
  -198
  -234
  -274
  -317
  -365
  -417
  -472
  -532
  -595
  -661
  -731
  -805
  -881
  -962
  -1,045
  -1,132
  -1,223
  -1,317

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
  124
  192
  288
  417
  589
  809
  1,086
  1,426
  1,835
  2,318
  2,878
  3,519
  4,241
  5,046
  5,934
  6,902
  7,951
  9,078
  10,281
  11,559
  12,910
  14,332
  15,825
  17,387
  19,020
  20,722
  22,494
  24,338
  26,256
  28,248
Adjusted assets (=assets-cash), $m
  124
  192
  288
  417
  589
  809
  1,086
  1,426
  1,835
  2,318
  2,878
  3,519
  4,241
  5,046
  5,934
  6,902
  7,951
  9,078
  10,281
  11,559
  12,910
  14,332
  15,825
  17,387
  19,020
  20,722
  22,494
  24,338
  26,256
  28,248
Revenue / Adjusted assets
  0.323
  0.323
  0.323
  0.326
  0.324
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
  0.325
Average production assets, $m
  5
  8
  12
  17
  24
  33
  44
  58
  75
  95
  118
  144
  174
  207
  243
  283
  326
  372
  421
  473
  529
  587
  648
  712
  779
  849
  921
  997
  1,075
  1,157
Working capital, $m
  -46
  -72
  -107
  -155
  -219
  -301
  -404
  -531
  -683
  -862
  -1,071
  -1,309
  -1,578
  -1,878
  -2,208
  -2,568
  -2,959
  -3,378
  -3,826
  -4,301
  -4,804
  -5,333
  -5,889
  -6,470
  -7,078
  -7,711
  -8,371
  -9,057
  -9,770
  -10,512
Total debt, $m
  20
  81
  166
  283
  437
  636
  885
  1,191
  1,559
  1,994
  2,498
  3,075
  3,725
  4,449
  5,248
  6,120
  7,063
  8,077
  9,160
  10,310
  11,526
  12,806
  14,150
  15,556
  17,025
  18,557
  20,152
  21,812
  23,538
  25,331
Total liabilities, $m
  112
  173
  259
  375
  530
  728
  977
  1,283
  1,652
  2,086
  2,590
  3,167
  3,817
  4,542
  5,340
  6,212
  7,156
  8,170
  9,253
  10,403
  11,619
  12,899
  14,242
  15,649
  17,118
  18,649
  20,245
  21,904
  23,630
  25,424
Total equity, $m
  12
  19
  29
  42
  59
  81
  109
  143
  184
  232
  288
  352
  424
  505
  593
  690
  795
  908
  1,028
  1,156
  1,291
  1,433
  1,582
  1,739
  1,902
  2,072
  2,249
  2,434
  2,626
  2,825
Total liabilities and equity, $m
  124
  192
  288
  417
  589
  809
  1,086
  1,426
  1,836
  2,318
  2,878
  3,519
  4,241
  5,047
  5,933
  6,902
  7,951
  9,078
  10,281
  11,559
  12,910
  14,332
  15,824
  17,388
  19,020
  20,721
  22,494
  24,338
  26,256
  28,249
Debt-to-equity ratio
  1.580
  4.200
  5.790
  6.790
  7.430
  7.860
  8.150
  8.350
  8.500
  8.600
  8.680
  8.740
  8.780
  8.820
  8.840
  8.870
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.960
  8.970
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
  -25
  -26
  -30
  -35
  -42
  -51
  -62
  -76
  -94
  -114
  -138
  -166
  -198
  -234
  -274
  -317
  -365
  -417
  -472
  -532
  -595
  -661
  -731
  -805
  -881
  -962
  -1,045
  -1,132
  -1,223
  -1,317
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  29
  33
  38
  44
  50
  56
  62
  69
  76
  84
  92
  100
  108
  117
  126
  136
Funds from operations, $m
  -24
  -25
  -29
  -33
  -39
  -47
  -57
  -69
  -85
  -103
  -124
  -149
  -177
  -209
  -245
  -284
  -327
  -373
  -423
  -476
  -532
  -592
  -655
  -721
  -790
  -862
  -937
  -1,015
  -1,096
  -1,181
Change in working capital, $m
  -17
  -25
  -35
  -48
  -64
  -82
  -103
  -127
  -152
  -180
  -209
  -238
  -269
  -300
  -330
  -360
  -390
  -419
  -448
  -476
  -503
  -529
  -556
  -581
  -607
  -633
  -660
  -686
  -714
  -742
Cash from operations, $m
  -7
  0
  7
  15
  25
  35
  46
  57
  68
  77
  84
  89
  91
  90
  85
  76
  63
  46
  25
  -1
  -30
  -63
  -99
  -139
  -182
  -228
  -277
  -329
  -383
  -439
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -24
  -29
  -33
  -38
  -44
  -50
  -56
  -62
  -69
  -76
  -84
  -92
  -100
  -108
  -117
  -126
New CAPEX, $m
  -2
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -20
  -23
  -26
  -30
  -33
  -36
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
Cash from investing activities, $m
  -2
  -4
  -5
  -6
  -9
  -12
  -15
  -19
  -24
  -29
  -34
  -40
  -47
  -53
  -60
  -69
  -76
  -84
  -93
  -102
  -111
  -120
  -130
  -140
  -151
  -162
  -173
  -184
  -196
  -208
Free cash flow, $m
  -9
  -3
  2
  8
  16
  23
  31
  38
  44
  48
  50
  49
  45
  37
  25
  8
  -13
  -38
  -68
  -102
  -141
  -183
  -230
  -280
  -333
  -390
  -450
  -513
  -579
  -648
Issuance/(repayment) of debt, $m
  20
  61
  86
  117
  154
  199
  249
  306
  368
  434
  504
  577
  650
  725
  799
  872
  944
  1,014
  1,083
  1,150
  1,216
  1,280
  1,344
  1,406
  1,469
  1,532
  1,595
  1,660
  1,726
  1,794
Issuance/(repurchase) of shares, $m
  52
  33
  40
  48
  59
  73
  90
  110
  134
  162
  194
  230
  270
  314
  362
  414
  470
  530
  593
  660
  730
  803
  880
  961
  1,045
  1,132
  1,223
  1,317
  1,415
  1,516
Cash from financing (excl. dividends), $m  
  72
  94
  126
  165
  213
  272
  339
  416
  502
  596
  698
  807
  920
  1,039
  1,161
  1,286
  1,414
  1,544
  1,676
  1,810
  1,946
  2,083
  2,224
  2,367
  2,514
  2,664
  2,818
  2,977
  3,141
  3,310
Total cash flow (excl. dividends), $m
  63
  91
  127
  173
  229
  295
  370
  454
  546
  645
  749
  856
  965
  1,075
  1,185
  1,294
  1,401
  1,505
  1,608
  1,707
  1,805
  1,900
  1,994
  2,088
  2,181
  2,274
  2,368
  2,464
  2,562
  2,663
Retained Cash Flow (-), $m
  -52
  -33
  -40
  -48
  -59
  -73
  -90
  -110
  -134
  -162
  -194
  -230
  -270
  -314
  -362
  -414
  -470
  -530
  -593
  -660
  -730
  -803
  -880
  -961
  -1,045
  -1,132
  -1,223
  -1,317
  -1,415
  -1,516
Prev. year cash balance distribution, $m
  27
  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
  38
  58
  88
  125
  170
  222
  280
  344
  412
  483
  554
  626
  695
  761
  823
  880
  931
  976
  1,015
  1,048
  1,075
  1,097
  1,114
  1,127
  1,136
  1,142
  1,145
  1,147
  1,147
  1,146
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
  36
  53
  76
  103
  132
  161
  189
  215
  237
  253
  263
  267
  264
  256
  242
  224
  203
  180
  156
  133
  111
  91
  73
  57
  44
  33
  25
  18
  13
  9
Current shareholders' claim on cash, %
  50.0
  39.5
  32.8
  28.1
  24.6
  21.9
  19.7
  17.9
  16.3
  15.0
  13.9
  12.8
  11.9
  11.1
  10.3
  9.7
  9.1
  8.5
  8.0
  7.5
  7.0
  6.6
  6.2
  5.9
  5.6
  5.2
  5.0
  4.7
  4.4
  4.2

Pieris Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company's pipeline includes immuno-oncology multi-specifics tailored for the tumor micro-environment, an inhaled Anticalin to treat uncontrolled asthma and a half-life-optimized Anticalin to treat anemia. Its Anticalins proteins are a class of low molecular-weight therapeutic proteins derived from lipocalins, which are naturally occurring low-molecular weight human proteins typically found in blood plasma and other bodily fluids. It is focused on developing three drug candidates, which include PRS-080, PRS-060 and PRS-300 series. Its PRS-080 is an Anticalin drug candidate targeting hepcidin. The Company's second Anticalin drug candidate, PRS-060, binds to the IL-4 receptor alpha-chain (IL-4RA), thereby inhibiting the actions of IL-4 and IL-13, two cytokines known to be mediators in the inflammatory cascade that causes asthma and other inflammatory diseases. PRS-343 is an Anticalin-based drug candidate.

FINANCIAL RATIOS  of  Pieris Pharmaceuticals (PIRS)

Valuation Ratios
P/E Ratio -6.2
Price to Sales 23.8
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow -10.2
Price to Free Cash Flow -9.5
Growth Rates
Sales Growth Rate 100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
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 -66.7%
Ret/ On Assets - 3 Yr. Avg. -61.9%
Return On Total Capital -82.1%
Ret/ On T. Cap. - 3 Yr. Avg. -72.7%
Return On Equity -82.1%
Return On Equity - 3 Yr. Avg. -81.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -383.3%
EBITDA Margin - 3 Yr. Avg. -350%
Operating Margin -383.3%
Oper. Margin - 3 Yr. Avg. -336.7%
Pre-Tax Margin -383.3%
Pre-Tax Margin - 3 Yr. Avg. -350%
Net Profit Margin -383.3%
Net Profit Margin - 3 Yr. Avg. -350%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PIRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PIRS stock intrinsic value calculation we used $25.275 million for the last fiscal year's total revenue generated by Pieris Pharmaceuticals. The default revenue input number comes from 0001 income statement of Pieris 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 PIRS 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 PIRS is calculated based on our internal credit rating of Pieris 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 Pieris 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 PIRS stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $24 million in the base year in the intrinsic value calculation for PIRS 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 Pieris Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Pieris 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 PIRS 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 PIRS are equal to 12.6%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Pieris 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 PIRS is equal to -114.5%. 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 - $11.522 million for Pieris 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 53.855 million for Pieris 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 Pieris Pharmaceuticals at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ P.A.W. Capital Partners Returns, AUM, and Holdings   [Nov-09-18 04:22PM  Insider Monkey]
▶ Pieris Pharmaceuticals: 3Q Earnings Snapshot   [07:56AM  Associated Press]
▶ Pieris Pharmaceuticals: 2Q Earnings Snapshot   [07:28AM  Associated Press]
▶ Pieris Pharmaceuticals: 1Q Earnings Snapshot   [May-10-18 07:50AM  Associated Press]
▶ The 10 Best Stocks of 2017   [Jan-08-18 06:03AM  Motley Fool]
▶ Pieris Pharmaceuticals reports 3Q loss   [Nov-08-17 07:57PM  Associated Press]
▶ Is It Time To Buy Pieris Pharmaceuticals Inc (PIRS)?   [Oct-13-17 08:57PM  Simply Wall St.]
▶ Is Pieris Pharmaceuticals Inc (PIRS) Undervalued?   [Sep-15-17 07:43AM  Simply Wall St.]
▶ Pieris Pharmaceuticals reports 2Q loss   [12:11AM  Associated Press]
▶ OpCo On Biotech: 'Our Bullishness Is Unabated'   [Jul-12-17 10:35AM  Barrons.com]
▶ Penny Stocks to Watch for July 2017   [Jun-30-17 04:09PM  Investopedia]
▶ These 3 Small Biotechs Have a Healthy Shot   [Jun-28-17 03:30PM  TheStreet.com]
▶ Pieris Pharmaceuticals reports 1Q loss   [May-10-17 07:20PM  Associated Press]
▶ Boston-based Pieris adds AstraZeneca as R&D partner in $45M deal   [May-03-17 10:05AM  American City Business Journals]

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