YM BioSciences (YMI)
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. [Consider that 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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