Jason:
Yeah, I almost choked on it as I was typing. Goes against the grain.
However, MOGN had slipped between the cracks. Expanding sales of current products, a new approval in Canada, an anti-cancer that had brought nice license bucks from Japan (not partnered in U.S., where NCI will fund some phase II testing), low burn, sufficient cash, an existing sales force, an institutional holder that had decided to bail regardless of fundamentals, and an application pending in the U.S. for a nice market relative to total capitalization.
"Henry of the MOGN thread"? Nah, I can't type that fast. Besides, Canada may not predict the U.S., and, for all I know, the FDA might frown upon Salagen for Sjogren's and hand us out butts.
But, given (1) the data showing that a significant (30% plus) fraction of Sjogren's patients respond to Salagen, and (2) the track record with dry mouth after head and neck in the U.S. _and_ the approval in Canada, it doesn't make any sense to me to be afraid of the investment. So..... yeah, I spit out a target. If there is justice in relative market caps among biotechs, particularly where risk is tempered by existing sales and an additional marketing approval, this sucker should be selling at 2X.
My Aunt suffers from dry eye, and it is a lousy, intolerable affliction. So..... yeah, I set a target..... forgive me, great Biotech Gods, for I have sinned.
Rick |
