Healthcare

• The review period for the September rebalance ends 31 July. We expect the changes to be announced 30 August with the implementation taking place after the close on 13 September.
• We expect the index committee to continue using a 6-month minimum listing history resulting in two changes to the index.
• One-Way turnover is estimated at 3.5% resulting in a one-way trade of CNY 4.5bn (US$618m). Passive trackers will need to trade 4-8x ADV on the index changes.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Hollysys Automation Technologies (HOLI US), Ansarada Group Ltd (AND AU), Asia Cement China (743 HK).
• Lowest spreads: Fancl Corp (4921 JP), Great Eastern Holdings (GE SP), Tatsuta Electric Wire & Cable (5809 JP), Infocom Corp (4348 JP), Kfc Holdings Japan (9873 JP).

• Investors should be aware of the increasing prices of TCM raw materials, which could lead to fluctuations in profit margins of TCM companies. Investors should prepare for these potential impacts.
• After years of “fast-follow”, we’ve finally seen products from Chinese pharmaceutical companies stand at the center of the stage for the first time in the new generation of ADC.
• China Resources Medical’s profitability outlook is not promising due to issues within the Chinese healthcare system. The bottom line is P/B above 1 and P/E above 10x.

• Moody’s Ratings downgraded Grifols’ corporate family rating to B3 from B2, with a stable outlook, due to high leverage, and complex, opaque corporate governance involving related-party transactions.
• Moody’s considers Grifols’s liquidity to still be “fragile,” noting that “while adequate for the next 12 months, beyond that, maintaining adequate liquidity will depend on returning to positive FCF generation.
• For risk-tolerant investors, the current low share price could present a long-term buying opportunity if Grifols successfully executes its strategic initiatives.

• Xingqi’s 0.01% atropine sulfate eye drops got approved for marketing this March, which is expected to monopolize the domestic market for at least 2.5-3 years, and enjoy higher gross margin.
• Peak sales of 0.01% atropine sulfate eye drops would reach RMB5 billion at least. Together with other products, Xingqi’s total revenue would reach at least RMB6 billion in the future.
• Due to attractive dividend policy, this stock is worth holding for the long term.Xingqi’s market value could even reach RMB50 billion if the sales exclusivity period is longer than expected. 

• Introduction Clínica Baviera is an ophthalmology group founded in 1992 in Spain by Eduardo Baviera (current CEO) and other members of Baviera´s family and friends.
• It specializes in refractive surgeries like LASIK, cataract surgeries, and treatments for various eye conditions as myopia, hyperopia, and astigmatism.
• The company focus on services that are not covered by public health systems such as surgeries to correct the need for glasses or contact lenses.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: MMG (1208 HK) rights issue, Aisin (7259 JP) placement, Sanil Electric (062040 KS) IPO, and Shift Up (462870 KS) IPO.
• Event-Driven developments: China Traditional Chinese Medicine (570 HK), Shanghai Henlius Biotech (2696 HK), Midea Real Estate Holding (3990 HK), Best World International (BEST SP).  

• I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• One. new deal was discussed this week: Shanghai Henlius Biotech (2696 HK)‘s cash/scrip Offer. Midea Real Estate Holding (3990 HK) also fielded a “Partial Scheme”.
• Key updates took place on: China Traditional Chinese Medicine (570 HK), Malaysia Airports Holdings (MAHB MK), S Line Co Ltd (9078 JP), Best World International (BEST SP) .

• We discuss the end of the mandatory lock-up periods for 55 stocks in Korea in July 2024, among which 6 are in KOSPI and 49 are in KOSDAQ.
• These 55 stocks on average could be subject to further selling pressures in July and could underperform relative to the market.
• The top three market cap stocks including those of which at least 1% of outstanding shares could be sold in July include Lunit, Mezzion Pharma, and DS Dansuk.

• In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the September 2024 index rebal event.
• In July 2024, a couple of important Australian M&A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.
• Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.

Actinogen Medical announced that the prespecified biomarker subset analyses on stored plasma samples (n=72) from its previous Phase IIa XanADu study (n=185) in patients with mild Alzheimer’s disease (AD) has been published in the peer-reviewed Journal of Alzheimer’s Disease (JAD). As reported in Q422, patients with elevated baseline phosphorylated Tau-181 (pTau-181) protein (at least 6.74pg/mL), representing 34 patients (16 on Xanamem 10mg daily, 18 on placebo), showed a 0.6 mean difference (effect size) on the CDR-SB scale at 12 weeks between the placebo and treatment arms, representing a 60% relative reduction in progression. This suggests that Xanamem’s potential cognitive or disease-slowing effects may be sensitively detected by the CDR-SB endpoint, which is one of the critical endpoints in the ongoing XanaMIA Phase IIb trial (planned n=220) enrolling participants with cognitive impairment (CI) in mild to moderate AD as confirmed through elevated baseline p-Tau181. Actinogen’s next milestone will be results, expected in early Q3 CY24, from its Phase IIa XanaCIDD study of Xanamem in patients with CI and major depressive disorder.

• SK Bioscience (302440 KS) secures 60% stake in IDT Biologika, a global CDMO company with state-of-the-art manufacturing facilities in Germany, for KRW339B ($244M). The valuation seems reasonable.
• The transaction paves the way for SK bioscience to strengthen its global presence, notably in Europe and the U.S., and to diversify its business by expanding into bulk drug substances.
• Based on the existing CDMO contracts, IDT Biologika’s outlook remains positive. SK bioscience aims to more than double its revenue and stabilize operating profit margins at 20%+.

• Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
• The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
• IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  

• Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
• Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
• Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

• Fortrea’s first quarter 2024 report demonstrates a mixed performance with signs of pivotal growth amidst ongoing strategic transformations and challenges post the recent company spin-off.
• The clinical outsourcing company, while navigating complexities from the spin-off, seems to have slightly stumbled in immediately achieving some of its financial metrics but remains on track with the strategic and operational revamp aimed at long-term growth.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Just plain ugly. China Traditional Chinese Medicine (570 HK) (“TCM”) fell 11.7% yesterday. It’s down another 7.9%, on large volume, as I type.  The stock is now ~35% below terms
• Depending on who you talk to, the sudden move was triggered by a couple of event pods dumping stock; or the incoming CNPGC chairman is not supportive. Or perhaps both. 
• Since rumours surfaced early Feb as to an Offer, a basket of TCM’s peers are up 8% on average. The HSI is up 15%. TCM’s downside from here appears limited.

• The spread is appealing, and Classys’ shorting instrument’s liquidity issue shouldn’t be critical with a manageable position size. The concern is shareholder approval and the stock purchase cost under ₩30B.
• Despite cancellation risks, there are reasons to stay interested. Bain Capital aims to merge with Ilooda to boost Classys’ valuation, suggesting the merger may proceed even if ₩30B is exceeded.
• The deadline for dissenting votes and appraisal rights at Ilooda’s meeting is July 8th, ex-rights date July 9th. Shareholders’ meeting: August 13th; rights exercise: August 13th to September 2nd.

• Dr. Reddy’s Laboratories (DRRD IN) has signed a definitive agreement with Haleon (HLN LN) to acquire latter’s global portfolio of consumer healthcare brands in the nicotine replacement therapy outside US.
• The company will acquire the portfolio for a total consideration of £500M ($633M). In 2023, the portfolio generated ~£217M ($274M) revenue. Purchase consideration values the business at EV/sales of 2.3x.
• The acquisition will not stretch the balance sheet as Dr. Reddy’s has a cash balance of $990M as on March 31, 2024. The transaction is expected to complete in 4Q24.

• Knight Therapeutics is a specialty pharmaceutical company based in Montreal with operations in Canada and Latin America
• Founded in 2014 by Jonathan Goodman and currently led by Samira Sakhia
• Focuses on acquiring, in-licensing, marketing, and distributing pharmaceutical specialty products without conducting clinical research activities, with an EV of $430M and a market cap of $530M

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

OSE Immunotherapeutics has entered into a commercial and revenue sharing agreement with the Memorial Sloan Kettering Cancer Center (MSK), focused on chimeric antigen receptor (CAR)-T cell therapies. OSE and MSK were already engaged in an ongoing research collaboration for a preclinical non-antagonist interleukin-7 receptor (IL-7R) monoclonal antibody to be used either as a therapeutic or for the design of CAR-T cell therapies. The new agreement specifically covers patent rights for CAR-T cell therapies targeting IL-7R expressing cancers. While precise details have not been disclosed, MSK will assume responsibility for research, development and commercialisation, and will share future potential revenue with OSE. Management also provided an update on the recent progress of its messenger RNA (mRNA) platform, highlighting the potential of an mRNA therapeutic using lipid nanoparticles in autoimmune hepatitis. OSE announced a series of partnerships in recent months that provide external validation of its capabilities in developing innovative therapies across various modalities for indications with unmet medical needs.

• On no news, China Traditional Chinese Medicine (570 HK) shares declined 12% today. We spoke to several readers to gauge the likely reasons for the fall.
• The speculation is that the fall could be due to forced liquidation, Sinopharm’s new Chairman pulling the offer, the consortium unravelling, SAMR issues and Ping An blocking the deal. 
• There is clearly news behind today’s fall, but none of the above rumours seem credible. The risk/reward is attractive as the upside (25% spread) outweighs the downside (18% to undisturbed).

• Two years ago, generic pharmaceuticals co Sawai Group Holdings (4887 JP) traded at 10x PER, 6% ROE, and far below book. 10mos ago the price got back to 1x PBR.
• By then, their US sub had partly been put into “Current Assets AFS” as it was for sale. By Dec23, it was completely there. In Jan, a “business review” announcement.
• The US business sale led to a loss, but growth this year, and a new MTMP in early June. Monday, we got a HUGE buyback announcement. Today, an 8+% pop.

• On 25 June, Classys (214150 KS) announced a merger with Ilooda (164060 KS). The merger ratio is set at 0.1405237 to 1 for Classys and Ilooda.
• This merger aims to combine Classys’ expertise in high-intensity focused ultrasound (HIFU) with Ilooda’s in micro-needle radio frequency (RF) and laser technologies.
• We have a positive view of this merger between Classys and Ilooda. This merger is likely to reduce the overall competition in the aesthetics devices market in Korea.

• Otsuka Holdings (4578 JP) announced FDA acceptance of indication expansion filing for Rexulti for the treatment of post-traumatic stress disorder. The FDA action date is February 8, 2025.
• Due to impairment loss associated with termination of a pipeline asset, the company has reduced operating and net profit guidance for 1H24. However, 1H24 revenue guidance has been raised.
• 2028 revenue is expected to reach ¥2.5T, an increase of ¥480B from 2023 results, that too after absorbing the negative impact of ~¥310B for loss of exclusivity of core drugs.

• Cencora, a leading healthcare solutions company, held a discussion reviewing its fiscal 2024 second-quarter results, highlighting both strengths and areas of concern as the organization continues to navigate a complex and evolving market landscape.
• The transition announcement of Bob Mauch replacing Steven Collis as CEO presents both an opportunity for continuity and the challenge of strategic execution during leadership changes.
• Revenue for the quarter increased by 8%, with an adjusted EPS growth of 9%.

In our last BB Biotech (BION) review note, published in May 2024, we noted that the biotech sector was eagerly awaiting some key milestones, the most important being Alnylam Pharmaceuticals’ late-stage clinical trial of vutrisiran for patients with ATTR cardiomyopathy, a deadly heart disease. Alnylam, which comprised 4.3% of BION’s portfolio at end March 2024, released very positive, statistically significant, Phase III trial results this week. Assuming regulatory clearance, Alnylam expects that vutrisiran has the potential to become the new standard of care for the treatment of this disease, driving substantial future growth for the company. These results may have favourable implications for sentiment across the broader global biotech sector, and for Ionis Pharmaceuticals, BION’s largest portfolio position, which is also developing gene-silencing technology.

• Bayzed’s business model is similar to that of Hygeia and Inkon Life Technology. However, Bayzed’s profit margin is largely lagging behind peers. This makes us concerned about its future profitability.
• The nationwide expansion of oncology hospitals is very challenging. Bayzed’s expansion pace may not be as fast as expected if it hopes to control the quality of expansion.
• Due to “heavy asset” model, Bayzed would continue to face capital pressure.The latest valuation of Bayzed in 2023 is RMB2.625 billion. We think Bayzed’s valuation should be lower than peers.

Newron hosted an investor day (25 June) featuring three key opinion leaders (KOLs) who highlighted evenamide’s unique mechanism at the site of pathology, offering durable responses and addressing unmet need despite the >40 available treatments for schizophrenia. Evenamide has a robust track record in clinical studies to date. Notably, the results of study 015 in treatment-resistant schizophrenia (TRS) saw 25% of patients achieve remission, and, more recently, the results from study 008A (poorly managed schizophrenia) confirmed the safety of evenamide as an add-on to current antipsychotics, as well as its effectiveness in a randomised, placebo-controlled setting. The KOLs commented on the potential benefit from earlier use of evenamide in patients with inadequate responses to current treatments. The reported data to date provide a strong foundation in addressing schizophrenia, in our view. Newron will prepare for the registrational trial (study 017), which, subject to securing a partnership deal, could launch by end-2024.

• The Cancellation Price of HK$24.60 per share is about 50% lower than the IPO price of HK$49.6 per share in 2019. So, those long-term investors would suffer big losses.
• Henlius’ share price has outperformed the index. If it remains listed, it’s able to continue to grow and provide long-term returns for shareholders. Reasonable Cancellation Price should be above HK$30/share.
• As usual, Fosun doesn’t consider the interests of long-term investors and shareholders. There would be some investors/shareholders vote against the privatization, but the returns for arbitrageurs is not bad.

• With emerging centers scaling up and established centers growing steadily, HCG’s profitability is growing strong. HCG’s Q4FY24 PBT grew to INR 28cr vs INR 13cr YoY and INR 3cr QoQ. 
• With the patient mix improving for emerging centers with growing vintage, ARPOB for emerging centers has crossed INR 40000, a rise of 12.2% YoY.
• We estimate that by FY26, HCG’s PAT could exceed INR 260cr, leading us to value HCG at a market cap of around INR 10000cr at 38x+ FY26 exit P/E.

• Pharmaessentia Corp (6446 TT) reported strong 1Q24 result, with increasing revenue and declining operating expenses. Revenue increased 86% YoY, gross margin (88%) improved, and operating expenses declined 3% YoY.
• The company achieved operating profit (NT$18M) for the first time in 1Q24. Net profit reached NT$330M in 1Q24, versus net profit of NT$315M for 1H23.
• Approval of Besremi in additional countries, especially China, data readouts from late-stage ET trials, and accelerating  revenue as well as improving profitability remain the near-term catalysts.

• Cadonilimab (AK104)(PD-1/CTLA-4) achieved 7.1% market share in China’s PD-1(L1) market in 2023, up from 3.4% in 2022, ranking it No.4 in revenue market share after Tislelezumab, Keytruda and Sintilimab;
• With six days to go, the chance to receives NMPA approval for Gastric Cancer is slim, which means the June 18 price cut is for the existing Cervical Cancer indication;
• The big question is the price elasticity following Cadonilimab’s inclusion to NDRL. With ~110K new patients each year and only ~2,100 receiving Cadonilimab, we expect a moderate price cut.

• Analyzing the latest results of The Cooper Companies, the narrative presents a compelling mixed view of the company’s trajectory with several interesting developments and challenges reporting out of its second quarter of 2024.
• The Cooper Companies operates through two segments, CooperVision and CooperSurgical, both of which are critical in assessing the company’s overall health and prospective growth.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• We are initiating coverage of FibroBiologics, Inc. (FBLG) with an $11.00 valuation.
• FibroBiologics is a cell therapy company focused on the development of fibroblast-based therapies for the treatment of chronic diseases with significant unmet medical needs.
• We anticipate that a Phase 1/2 clinical trial of CYWC628, the company’s lead asset targeting diabetic foot ulcers, will be completed in Australia in 2025.

• GSK has reported a robust start to the year with notable growth in both sales and profits, driven by strong execution and successful product launches.
• Total sales increased by 13% to GBP 7.4 billion, with core operating profit surging by 35% to GBP 2.4 billion, and core earnings per share growing by 37% to 43.1p.
• These figures exclude contributions from COVID solutions, underscoring the company’s success in its core operations.

• Certara reported its first-quarter financial results for 2024, detailing a period of structured progress and proactive initiatives aimed at solidifying and expanding its position in the pharmaceutical software and technology-driven services space.
• Revenues for the quarter totaled $96.7 million, marking a 7% growth on a reported basis and 6% on a constant currency basis, compared to the prior year.
• This increment was supported by robust demand for Certara’s biosimulation software and services, complemented by a burgeoning interest in AI-enhanced products after its recent acquisition of Vyasa.

• Penumbra, a global healthcare company, reported a robust start to the first quarter of 2024, showcasing notable financial and operational success.
• The company’s primary focus on thrombectomy products, specifically within the U.S. market, has contributed significantly to its performance, supported by innovative product launches like Lightning Flash and Lightning Bolt.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Boston Scientific Corporation reported robust first-quarter 2024 results that exceeded expectations, driven by an expansive and diversified product portfolio and effective execution across its various business units.
• The company achieved an impressive 15% operationally and 13% organically in sales growth, surpassing the high-end guidance range of 7% to 9%.
• Additionally, all business units and regions recorded notable double-digit growth during the quarter, reflecting strong market penetration and execution.

• Shanghai Henlius Biotech (2696 HK) disclosed a pre-conditional privatisation offer by Shanghai Fosun Pharmaceutical (Group) (2196 HK) at HK$24.60, a 36.7% premium to the undisturbed price. The offer price is final. 
• The key condition is approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). There is no minimum acceptance condition. 
• Long term investors will be unimpressed as the offer is half the HK$49.60 IPO price. However, shareholders with blocking stakes should be supportive partly because of the share alternative option.

• Shanghai Fosun Pharmaceutical (2196 HK) has made a HK$24.60/share Offer (best & final), in cash, for H-shares not held in Shanghai Henlius Biotech (2696 HK). A scrip alternative may be afforded. 
• As Henlius is PRC-incorporated, this Offer is structured as a Merger by Absorption, involving a Scheme-like vote for independent H-shareholders. There is no tendering condition.
• Pre-Conditions include NDRC, MoC, and SAFE. The Long Stop date to secure these conditions is 30th April 2025. That’s way too conservative. This should be wrapped up around mid 4Q24.

• Dong-E-E-Jiao’s performance is exciting. The first-ever equity incentive plan fully demonstrates the new management team’s confidence in the future development of the Company. There’s potential for another leap in valuation.
• Our 2024 forecast is net profit to reach RMB1.4 billion, up 20% YoY. Reasonable valuation is 25-30x P/E.If market value falls below RMB35 billion, this is a great buying opportunity.
• Dong-E-E-Jiao is worth long-term holding due to attractive dividend policy. China Resources may further improve dividend payout, which is in line with the major trend for SOE to increase dividends.

• Nakanishi Inc (7716 JP) guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.
• EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).
• Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.

• Retail pharmacies experienced performance decline in April and May. Due to negative policies, retail pharmacies will experience industry clearance. Therefore, we do not recommend investors to bottom-fish related stocks now.
• There is a logic to biotech’s performance from 2023 to present.The clearer the path of sustainable development, the better the stock price performance. They can be divided into three types.
• YSB faces big risks and the outlook is not optimistic. If the final valuation of the Company is lower than China Resources Pharmaceutical and Shanghai Pharmaceuticals, we wouldn’t be too surprised.

• Acotec’s 2023 performance was unsatisfactory. Core products suffered weak growth. Positive trend of continuing to optimize revenue structure was broken. Sales of latecomers’ competing products would expand rapidly in 2024/2025. 
• Revenue proportion in overseas markets was still below 5% in 2023. If no highlights in Acotec’s cooperation with Boston Scientific in 2024, this collaboration could be considered a failure.
• Due to VBP, margin could further decline. If it’s just the current situation, then Acotec is not as good as Zylox-Tonbridge. So, its valuation should also be lower than Zylox-Tonbridge.

• ACRC is a biotech pharma micro-cap company trading below its net cash value
• Downsized workforce after a failed phase 2 trial, CEO and CMO left prompting strategic evaluation
• Activist investors involved, potential for monetization of stakes to benefit shareholders.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Back in 2016, IMS Health and Quintiles went through a merger of equals to form “QuintilesIMS” which was later renamed to be “IQVIA” in 2017.
• “I” and “Q” stand for IMS Health and Quintiles respectively and “VIA” means “by way of”.
• Since IMS and Quintiles both used to be separate public companies, let me discuss these two businesses separately at first before getting into the details of their post-merger status.

• Gotham City Research’s short report on Grifols is seen as misguided, creating a buying opportunity for investors
• Grifols is still viewed as a strong business with potential for significant growth in the next 12-18 months
• With COVID headwinds normalizing and a new management team in place, Grifols is expected to see a 140% increase in stock price if it trades at historical average EBITDA multiple, making it a compelling long opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Basilea Pharmaceutica has announced an asset purchase agreement with the Glioblastoma Foundation for lisavanbulin (BAL101553), the remaining drug candidate from its oncology portfolio. Basilea’s other oncology assets were offloaded in 2022 (for initial consideration of CHF15m) following the company’s decision to right-size and focus exclusively on its anti-infectives franchise. Lisavanbulin is a tumour checkpoint controller and was being evaluated as a treatment for glioblastoma before Basilea decided to cease development following the strategic pivot. The initial purchase price is undisclosed, although Basilea will be eligible for a fixed double-digit share of any subsequent commercial partnerships.

• SPRB is developing tildacerfont, a second-generation CRF1 antagonist for CAH treatment
• Recent Phase 2 trial failure doesn’t negate potential, but upcoming trial results are more relevant
• Market overreaction to negative news creates attractive opportunity for investors, with upside potential and downside protection for SPRB

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.