Rocketman,
I wonder what you make of INCY at $18. I continue to hold a position, but wonder if it should be deployed into a play like CRGN. I read through the HGSI news, and I see substantial double-digit royalties from their database partners. I look at INCY and think low single digit returns. By all manners of accounting, INCY looks "cheap",i.e., half a billion in cash, spending $200 million in R&D, subscribers from 19 out of the 20 largest pharmas, etc. And yes, I've seen a substantial increase into collaborations with micro-biotechs, but not with many "high profile" firms. I wonder if they blew it by maintaining their desire to remain a software company, and not capitalize/profit from their data by developing the molecules themselves or with partners. I've deployed a chunk of change with MLNM, CRGN, VRTX, HGSI, and MYGN. I would appreciate your take. Hold, increase, move on. |
