Mike, the following questions are related to your discussion yesterday of your valuation model for biotechs:
You stated that your valuation for Immunex was 5% more than $126. If the FDA were to approve Enbrel for other autoimmune diseases like scleroderma and lupus, would you change your valuation? I am assuming the answer is yes, so the real question is, would you change your valuation before approval, upon anticipation of approval, or after approval?
If you were convinced that Enbrel would have uses other than rheumatoid arthritis, would it be foolish and/or speculative to buy in anticipation?
BTW, I am not long IMNX, but am considering it. The closest competition to Enbrel, Arava, is having serious problems, IMHO. |
