Extremely weak conference call.
I greatly admire Tularik, and believe that it's an op for mega-leverage at this capitalization.
However, one reason that I like the company has been execution, deep pipe. We got no flavor at all, with the exception of one IND filing, to advances there.
In January, Dr. Goeddel indicated that there would be two or three INDs this year. In this call, there was mention of one.
IND documents (equivalents) have been submitted in UK, end of 2Q. Company will not discuss indication until the molecule actually enters testing, expected 4Q. Very large market, not a project with particular competitive issues.
Actively in discussion with a number of pharmas, no change for the worse, from their perspective, in environment for partnering.
They left shareholders sitting out there with concentric red, blue,white and yellow circles painted on us. They simply can't go from January's status (five advanced leads, first in class targets for immune disorders, inflammation, lipid disorders and obesity, an advanced diabetes project, the deep oncogene discovery program with MAb and small molecule targets, 12 targets in medicinal chem, 85 active targets with 50 in HTS, and goals of 2-3 INDs and two major partnerships) to today's modest news.
Not good, and I hope that Dr. Goeddel will get on the phone immediately to analysts and repair the damage.
Calling it as I see it..... sh*tty execution. Hurts.
Disclosure..... long, lotsa shares (for me). |
