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An enterprise value of $220 million significantly undervalues YM BioSciences if the experimental myelofibrosis drug
CYT387 can effectively reduce anemia (and shrink enlarged spleens) without causing too many harmful side effects.
Incyte(INCY) is valued at more than $2 billion based on the potential of a similar, perhaps inferior myelofibrosis drug currently under FDA review.
Getting investors to buy into the YM BioSciences' bull story -- and perhaps push the stock's valuation closer to Incyte's -- is going to require a lot more clinical data on CYT387. The first step on that road may come in December when full results from a phase II study of CYT387 are presented at the American Society of Hematology's annual meeting.
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