Kosan BioSciences -- KOSN Message Board

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Biotech / Medical : Kosan BioSciences -- KOSN

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To: tuck who started this subject	6/14/2004 5:21:44 AM
From: mopgcw	of 933

Kosan Biosciences (KOSN-NNM) by Needham (11, June 3) We are initiating coverage with a Buy rating and a 12-month target price of $16. With two novel anticancer compounds in the clinic for large underserved markets, we believe that Kosan represents an attractive investment opportunity in the biotech oncology space. KOS-862 (epothilone D), the company's lead clinical candidate, is currently in multiple Phase II trials for three big cancer indications -- breast, colorectal and non-small-cell lung....Although Kosan's products won't reach the market until 2008, we believe that the continuous news flow from the pipeline will drive investors' interest. To arrive at our target price of 16, we applied a P/E multiple of 33 times to our 2010 EPS estimate of $1.75 and an annual discount rate of 25%.

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