May. 2 at 6:13 PM
Change in share price QTD for all commercial-stage oncology focused bio versus the XBI. There have been swings week to week but overall the peer group has had a good month. About 75% of this peer group beat the
$XBI. We have reason to suspect those down QTD will turn with the market (but of course absent specific value inflection points like Q126 CCs that start in earnest this week).
$IOVA risk v reward profile now appears compelling. Just remember there are 400MM shares so
$1 in share price is
$400MM in valuation.
$IMCR KimmTrak is doing
$400MM/year in its sleep. IMCR's EV is not 2.5X sales.
$JAZZ traded below
$100/share last year this time & the news keeps getting better. Jazz FY26 consensus is
$4.5B, so JAZZ's EV is 3X this year's sales. Last year's gross margin was 92%.
We believe if
$URGN has not been acquired by the end of FY2026 then something is wrong. Of course we could be wrong but we believe URGN is the most obvious M&A candidate in the peer group.
