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Biotech / Medical : Incyte (INCY) -- Ignore unavailable to you. Want to Upgrade?

To: Lighthouse who wrote (1371)	3/15/2000 3:24:00 PM
From: RCMac	Read Replies (1) \| Respond to of 3202

>> for the first time I have seen published reports of the value of INCY's future royalty streams. INCY's ex CFO had projected the NPV of those streams, . . . Well Alex Brown (2/23/00) says the NPV of future royalty streams is worth $165 per share today. << Lighthouse, can you give us some more details of how the Alex. Brown analyst (and perhaps the ex-CFO) calculated these values? and where these are available, if at all, on the web? TIA, --RCM

To: Lighthouse who wrote (1371)	3/16/2000 8:54:00 AM
From: LLCF	Read Replies (2) \| Respond to of 3202

While I've long been bullish in INCY, let's face it when you start discounting future cash flows by wildly gyrating discount rates [because of uncertainty of gene ownership] it makes for plenty of excitement which IMO is likely to continue in the long run [hopefully settle down from this pace!]... and I still think $300 shr was wildly optimistic due to the sigma of future royalties. That said, look now!!! The company just raised $422 million [missed your 600 mill #, I probably missed a deal somewhere!] or almost $20 shr. so on the old stock we're down to $100! Lower if your number is correct. We're a value stock again! DAK