Let me add my view here, FWIW. I can't give you a good relative valuation, but I can give you the proportions I currently hold the three stocks in, which I guess is some sort of statement about what I believe - 30, 20, 50 for INCY, HGSI and MLNM respectively. (CRA, alas, I have never owned).
I know HGSI sets all the scientists' teeth on edge. However, I don't think they should be dismissed - take a look at this extract from a Haseltine interview:
We have focused as a company mostly on the signaling molecules of cells, those molecules, those proteins that are expressed either on the surface of cells, or secreted from the surface of cells. We focused on these molecules because, first, we believe they represent the majority of drugable targets -- the receptors, ion channels, transporters. They represent almost the entirety, the entire set of those molecules that will be useful as genes and proteins as drugs, i.e., secreted proteins, and they represent almost all the potential targets for our antibodies, that is, antibodies useful as drugs. We believe that we have isolated and characterized by full length sequence more than 80% of all those genes, that is, about 14,000 new human secretory proteins. Each one is represented in our collection by full-length gene, fully sequenced and expressed protein as well. We know where in the body they're expressed, we know where they map, and we have created new robotic means to analyze their biological function and potential medical utility. For about 8,000 of those genes we now have on average 100 different biological end-points. An example of an end-point would be the activity of a given protein on a wide variety of cells in culture. That has allowed us to create a large patent estate.
We currently have filed patents that describe these full-length, fully sequenced genes, patents that describe more than 7,400 of those genes. That is the largest patent estate we believe that exists. In addition, it's a patent estate which is supported by far more than sequence data. Each patent contains information regarding the sequence of the gene, the protein, where it's found, and under what physiological conditions it's expressed, where it maps, and includes a large packet today of biological information.
Some pretty big claims there.
Peter |
