BPMC
Te dejo la valoración de biotech2k, yo la descubrí por él. Me parece muy interesante y he iniciado con una posición pequeña para llevarla y así hacerle mayor seguimiento y estudio. Buenos datos en aacr pese a lo cual bajó, estaba cara.
BPMC gets 4 stars
Management *****
Jeff Albers is a business man who has experience in developing and launching a commercial drug. I haven't followed this management for very long so I am giving them the benefit of the doubt with 5 stars to start. I listened to a few past calls and they do seem like a smart management team.
Science *****
Blueprint Medicines is working on pathway inhibitors in a space that I don't see others working in right now. They are working on Platelet Derived growth factor and Fibroblast Growth factor. They also have a RET drug much like RXDX had. They have breakthrough therapy designation for their lead drug Avapritinib.
Financials ***
The company just did a secondary to raise $325 million in cash. They had $390 million on the books for a total of $715 million. They are burning about $40 million per quarter which gives them around 17 quarters of cash.
Potential *****
I put Avapritinib at about $500 million for each indication of GIST and Mastocytosis. That would be worth $1 billion in total sales. At 8x sales, you get to $8 billion valuation on those indications. They are still at least a year from commercial. I would put it at 2019 at the least. With over a $3 billion market cap, this one is already priced for perfection.
Risks **
They have the continued risk of potential clinical failures. They also have a long road to commercial for Avapritinib. A lot can still go wrong at this valuation. My fair value price for this company is closer to $60 or $2.2 billion market cap.
