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January 7, 2016
ACAD , ANTH , CBMG , FPRX , XON , PCRX
— On the first trading day of 2016, whatever hope of a rebound we thought may occur after the end of year-end tax loss selling was squashed by the overall market’s collapse due to global pressures (e.g., escalating Middle East tensions, China’s economy, North Korea).
A renewed fear of potential recession by contagion poked up its head while the Fed is stuck after finally raising interest rates. Even last year’s winners are being sold since New Year’s Day. While we can ramble on about the intact and solid biotech fundamentals (e.g., accommodating FDA, immune oncology breakthroughs, M&A, sustainable earnings growth from new drug approvals, yada yada), risk is off and that’s that. The overall market is giving us little reason to jump back in. These are the most frustrating times for biotech investors, since the majority of stocks have already given up so much already. Negative sentiment is everywhere, the NBI fell below support and investors are heading to the JPMorgan Conference wondering what kind of year 2016 will be after this kind of start .
Since the biotech peak in July and subsequent underperformance of the remainder of 2015, periodically we turn to the Top Tiers stocks
(AMGN, BIIB, CELG , GILD and REGN, ALXN to a lesser extent) as sign of investor sentiment. While the mega caps have hung in there within trading ranges since then. REGN came close in November and AMGN has done better since the industry’s bottom, but still closed the year up just 4%. Despite Harvoni’s mind-blowing success, all of GILD’s 9% YTD return came last January, whereas CELG ’s 7% annual gain came at the end of the year when it won its Revlimid patent dispute.
To us, the most shocking event/day in biotech of last year was the market’s reaction to the Q2:16 quarterly conference call of Biogen on July closed at 300 – down 22% or a loss of roughly $20 billion in a single trading session. That move crushed the generalist investor’s move into biotech stocks – and the sector has yet to recover. In fact, sentiment steadily eroded until the IBB bottomed at the end of October. Since that time, the Top Tier has been generally flat, but the bottom fell out of the majority of biotech stocks except just a handful. A couple of MTSL

names have thrived ( ALKS , FPRX ) and our Model and Trader’s portfolio were up for the year, but the Biotech Bear has had the day – and many long ones – since August.
Over the past month or so, the Top Tier leaders had begun to show some signs of life – notably BIIB and CELG . To us, BIIB is the most intriguing. Before this week’s market drop, Biogen shares moved steadily from a low of 254 on October 15 and peaked at the end of the year at 312 – a gain of 23% and better than the more volatile NBI index’s 20% rebound during the same period. The BIIB bounce, though far from the August hey day when the Company was king of the biotech hill, stayed above the technically important 50-day moving average including this week’s meltdown. Importantly, Biogen’s move was not the product of a new drug or clinical trial, or even impressive earnings. It was mostly because Q3 results did not disappoint and the shares had based for while after being oversold for three months. As long-term investors in biotech, in our view, this could represent a sign of improved, albeit slightly, sentiment in BIIB’s stock.
Why is this important? Its important because before the market loved immuno-oncology and all of the sexy new breakthrough innovations
(e.g., ALNY, BLUE, KITE, RARE, etc.) – it had to first love BIIB. Or GILD or CELG – namely the leading companies driven by a pipeline of commercially successful important new drugs and the resulting, sustainable above-average earnings growth. When BIIB died on that day in
July, the sector went with it (see the 3-year NBI in green below). Over the past six months, optimism for the Big Four has waned. Whether it was the mixed BIIB (stock is in light blue) AD drug, the lack of an HCV follow-up for GILD (navy) or the exciting but not yet ready CELG
(purple) pipeline, in addition to the Hilary and Shkreli noise, biotech sentiment hit the floor during the past two quarters for real reasons.
It is in this period, on the other hand, that clinical progress has continued along at each of the Big Four and other others (e.g., MTSL’s INCY , etc.) that will be released throughout 2016. The recent positive movement in BIIB shares, coupled with CELG stock holding most of its gains after the patent win says to us that the beginning of the end of the biotech bear is nearing. Both BIIB and CELG will deliver important latestage pipeline updates. Also towards the end of last year, both AMGN (pink) and REGN shares fared relatively well on the approvals of their respective PCSK-9 compounds. Praluent and Repatha are expected to gain momentum as the year goes by.
By no means does it suggest a return to early 2015 euphoria but just maybe that the healing is underway. As with almost any acute injury
(e.g., such as the BIIB Tysabri flattening, ‘The Hilary Tweet’), emergency care is followed by a period of healing, rest and rehabilitation. This eventually leads to a recovery and resumption of function and, quite possibly, a new period of thriving. The analogy to BIIB and biotech tells us we have been out of the ER for about two months now and the upward momentum (i.e., slope of the curve) appears to be starting.
CELG
.
While the sector’s recent stock performance might suggest otherwise, the FDA approved 45 new drugs last year, the most since the record set in1996 (53), and a bit higher than 2014’s solid total (41). In our view, this is another example of the disconnect between stocks prices and overall fundamentals.
EXEL announced another positive subgroup analysis of the previously presented METEOR trial results of cabozantinib (Cabo) in renal cell carcinoma (RCC) that will be presented at the upcoming ASCO-GU conference on Saturday (1/9). Chimerix’s (CMRX) was the

most recent biotech blowup when their antiviral drug candidate brincidofovir, failed its first Phase III trial. The drug candidate was supposed to prevent cases of cytomegalovirus infection through the first 24 weeks after hematopoietic cell transplantation.
Unfortunately, during the final 10 weeks, when they were off treatment, cases of CMV shot up and exceeded the control arm. Deaths in the antiviral arm also exceeded the mortality rate in the control arm. Expectations were high, as CMRX is run by the former CEO of
Pharmasset (VRUS) – the Company that developed the HCV super drugs Harvoni/Solvadi and that GILD purchased for $12 billion.
Speaking of GILD, its new HCV combo just received FDA Priority Review for a once-daily, fixed-dose combination of Sovaldi, with velpatasvir (an investigational pangenotypic NS5A inhibitor).
As a Shire (SHPG) buyout appears more likely, Baxalta (BXLT) has formed a sizable deal with Copenhagen-based Symphogen to collaborate on a new pipeline of checkpoint cancer therapies. BXLT is paying $175 million upfront, in a deal worth up to $1.6 billion.
The leader in blood safety diagnostics, Cerus (CERS) signed a deal with Blood Systems (BSI) for use of the Intercept Blood System for platelets and plasma. BSI is one of America’s oldest and largest comprehensive transfusion medicine organizations, representing approximately 10% of the nation’s blood supply. Since its approval last year, CERS has lined up multiple global collaborations with the
Intercept system to improve the world’s blood supply.
Bayer has signed a new joint venture with privately held gene editing company CRISPR Therapeutics. The deal includes a $35 million equity investment from Bayer and a minimum of $300 million in R&D over a 5-year period. The joint venture will target a trio of major disease opportunities: blood disorders, blindness and congenital heart diseases. Bayer will retain rights for important non-healthcare markets including agriculture.
MKND shares once again were cut in half, as SNY ended their relationship (that was going nowhere anyway) for Afrezza, its oral insulin for diabetes, on disappointing sales forecasts and minimal adoption.
Acceleron Pharma (XLRN) is raising $150 million in a follow-on offering, in part to fund further clinical studies of a drug with potential in two types of muscular dystrophy. Acceleron, a 2015 biotech winner, saw its shares double by the end of the year based on trial results from two of its experimental drugs, based on proteins that regulate growth and repair of tissues throughout the body. Other large secondary offerings were just filed from other successful stocks of 2015, including Prothena (PRTA) and MTSL’s Acadia ( ACAD ).
Despite the biotech stock slump, the Class of 2016 is lining up to attempt to go public. It will be interesting to see how all of these deals will be received by the market. Crossover funds – those that purchase late-stage privates/pre-IPOs – often participate on both sides of the table, taking positions before the Companies go public and buy the IPO and provide some aftermarket support. Such funds have flourished over the past few years. In a market such as this one, fund managers can often set the price of a deal that delivers some initial return hurdle and possibly lead to a double dip gain when the stock goes public. It also creates a very concentrated shareholder base – and hence, a volatile and thinly traded stock in the aftermarket.
Many of those that have filed have something unique in their story. Syndax is teaming up with Merck KGaA/Pfizer to develop its breakthrough-designated cancer drug, entinostat, a pill designed to enhance the immune system’s response to tumors with their avelumab. The combination will be tested in a Phase Ib/II trial in ovarian cancer. The lure of Syndax is that AstraZeneca’s former R&D boss Briggs Morrison joined as CEO last year.
VCs are reloading as they are raising huge funds after so many successful IPOs in the last three years. Recently global healthcare investment monster OrbiMed, closed a $950 million fund, which was followed by another biotech powerhouse, Sofinnova raising $324 million. These were both record sums, reflecting the biotech sector’s explosion of IPOs after the previous drought of biotech IPOs from
2008 through 2012. Generalists may be on the sidelines for now, but there is money out there for sure.

The majority of our companies will be presenting at the JPMorgan meeting (see table below). In our view, CELG’s presentation and annual pre-announcement will go a long way in determining the early fundamental biotech mood – that we all know is currently dismal.
They have the opening slot on Monday (1/11) at 7:30AM PST (10:30EST). ( MDCO will also present at the same time slot as CELG .)
The Company is likely to be conservative in its forecasts, as the year hasn’t really begun yet. But the guidance and the details management provides are often a decent harbinger of near-term sentiment. Since the Company just won the important Revlimid patent dispute, it will be interesting if CELG’s long-term forecasts are higher than their last projections in the fourth quarter. Either way, we will get caught up on virtually all of our companies and should have timely updates for the next Issue.
Relevant New Studies or Changes Posted on ClinicalTrials.gov
for our MTSL Portfolio and/or Related Companies Since Last Issue:
A Study of Duvelisib and Venetoclax in Subjects With Relapsed or Refractory Chronic Lymphocytic Leukemia, Small
Lymphocytic Lymphoma, or Indolent or Aggressive Non-Hodgkin Lymphoma, Who Have Not Previously Received a Bcl-2 or PI3K Inhibitor
Pilot Trial Of Autologous T Cells Engineered To Express Anti-
CD19 Chimeric Antigen Receptor (CART19) In Combination With Ibrutinib In Patients With Relapsed Or Refractory CD19+ Chronic
Lymphocytic Leukemia (CLL)Or Small Lymphocytic Lymphoma (SLL)

A Study of Aripiprazole Lauroxil in Subjects With Schizophrenia or Schizoaffective Disorder
A Long-term Active Treatment Study of Mongersen (GED-0301) in Subjects With Crohn’s Disease
Study to Evaluate Bioavailability of Apremilast Oral Suspension Relative to Tablet and a Study to Assess Effect of Food on the
Pharmacokinetic (PK) of the Oral Suspension
Pembrolizumab Combined With INCB039110 and/or Pembrolizumab Combined With INCB050465 in Advanced Solid Tumors
Efficacy, Safety and Tolerability of ISIS 304801 in People With Partial Lipodystrophy With an Open-Label Extension
Open Label, Drug-Drug Interaction (DDI) Study of Dupilumab (REGN668/SAR231893) in Patients With Moderate to
Severe Atopic Dermatitis (AD)
Efficacy and Safety of Alirocumab Versus Usual Care on Top of Maximally Tolerated Statin Therapy in Patients With Type
2 Diabetes and Mixed Dyslipidemia (ODYSSEY DM-Dyslipidemia)
ACAD , ANTH , CBMG , FPRX , XON , PCRX
ACAD
ACAD floated a secondary offering of 10,344,827 shares of its common stock at $29.00 per share raising approximately $300 million in one of the worst biotech tapes in memory. BofA Merrill Lynch and J.P. Morgan Securities LLC are acting as the joint book-running managers for the offering. Cowen and Company, LLC is acting as the lead manager for the offering. JMP Securities LLC, Needham &
Company, LLC, H.C. Wainwright & Co., LLC and Ladenburg Thalmann are acting as co-managers for the offering.
The silver lining would be that we have established a firm bottom for the stock, time will tell. Otherwise, $300 million in the bank is important to help insure for a successful commercial launch of Nuplazid later this year and other key clinical development.
ACAD is a BUY under 40 with a TARGET PRICE of 55
ANTH
Craig Thompson is joining ANTH as President and Chief Operating Officer. He comes with an experienced Big Pharma strategic marketing background (~10 years at Merck, ~8 at Pfizer), and will oversee both of the Company’s late-stage development programs and commercial preparation efforts. Thompson’s leadership has led to the launch of a number of successful pharmaceutical products, strategic partnerships and outright company acquisitions. Most recently he served as the COO for Tetraphase Pharmaceuticals where he ran the development and implementation of the commercial strategy as well as the business development and commercial manufacturing. Prior to Tetraphase Pharmaceuticals, Mr. Thompson served as the Chief Commercial Officer for Trius Therapeutics, resulting in the acquisition of Trius by Cubist Pharmaceuticals for over $700 million.
ANTH also appointed Chuck Olson, D.Sc. to the position of Chief Technology Officer replacing Debra Odink, Ph.D. who will continue to support the company in a key advisory role. Dr. Olson joined ANTH in April of 2010 and has accepted increasing roles of responsibility

in development organization since that time. The transition of leadership of the manufacturing and technology programs to Dr. Olson is in preparation for the commercial launch of both Sollpura and blisibimod. Dr. Olson has over 30 years of experience with clinical and commercial product development and manufacturing of large molecules similar to blisibimod and Sollpura. He spent his early career at
Genentech and Bayer, Dr. Olson then held management positions in technical operations roles at Onyx, BioMarin ( BMRN ), Cell
Genesys, Coherus Biosciences, and NGM Biopharmaceuticals, where he helped with the commercialization of important therapeutic products such as Activase, Xolair, Increlex, KogenateFS, Naglazyme and Aldurazyme.
As the two lead programs near completion of Phase III trials, and Sollpura needing only one successful study (SOLUTION) to gain regulatory approval, the new additions to senior management are rather timely and add significant depth to ANTH ’s senior management team. Furthermore on a highly successful outcome in lupus, the CHABLIS-1 trial, in our view, has the chance to qualify for conditional approval. CHABLIS-7.5 (the second Phase III b-mod lupus trial), enrolling shortly, is basically an enhanced copy of the first
Phase III study. Finally, b-mod for IgAN will also gain global approvals on the completion of a single endpoint (reduction in proteinurea).
With both compounds, ANTH is setting itself up for a major transition in H2:16. In our view, the Company’s fundamentals are stronger than ever and the stock is one of the most undervalued in all of biotech with two separate Phase III trials nearing completion.
ANTH is a BUY under 10 with a TARGET PRICE of 25
CBMG
CBMG has started a Phase I trial for their off-the-shelf allogeneic adipose-derived mesenchymal progenitor cell (haMPC) AlloJoin therapy for knee osteoarthritis (KOA). The development of an allogeneic cell therapy that can be used for off-the-shelf treatment should allow for lower costs and a selection of more healthy donors. This could increase the number of patients that can be treated by a single isolation with the same quality manufacturing procedures and creates the potential for a much larger market opportunity.
The study of AlloJoin for KOA will be led by Shanghai Renji Hospital, one of the largest teaching hospitals in China, with Principal
Investigator ChunDe Bao, MD, Professor of Medicine, Vice Chairman of the Chinese Rheumatology Association. The Institutional
Review Board (IRB)-approved study will enroll 18 patients with knee osteoarthritis (Kellgren-Lawrence Grading Scale: grade II-III) to participate in a randomized, double blinded trial. The trial is registered with the U.S. National Institutes of Health (NIH) under the number NCT02641860 and is posted at ClinicalTrials.gov ( click here to view ).
The primary endpoint for this trial is safety after cell therapy. The secondary endpoints are knee-related pain, stiffness and function measured using the Western Ontario and McMaster Universities (‘WOMAC’ score) osteoarthritis index questionnaire and cartilage repair/regeneration post cell therapy, defined through changes of both knee joints’ cartilage volume measured with 3D spoiled gradientrecalled echo (SPGR) quantitative magnetic resonance imaging (MRI) and read with a semi-automated segmentation method (ITK-
SNAP). A number of biomarkers and their changes in response to the therapy will also be studied as exploratory end points.
CBMG will present 48-week clinical data from the Phase IIb trial of its ReJoin human adipose-derived mesenchymal progenitor cell
2016. The potential to create an off-the-shelf cell therapy for KOA represents additional upside for CBMG shareholders, given our view that the primary driver of the CBMG investment is their portfolio of cancer assets focused in immune oncology.
CBMG is a BUY under 40 with a TARGET PRICE of 55
FPRX

FPRX had a great year in 2015 with the BMS deal being one of the best we have ever seen for a Phase I compound. The company continues to click on all cylinders and in our view, with the strength and depth of that deal, the Company is gaining further momentum.
Early 2016 is ripe with three clinical trials releases that should serve as important catalysts to begin the year. In our view, FPRX will continue to create shareholder value from both data readouts and additional drug candidates from their proprietary second-generation antibody platform. We are raising our Buy to 42 and our Target Price to 55.
The FPRX antibody to date is significantly more potent and specific than competing CSF antibodies, and could eventually be dosed once-monthly sub-cutaneously. There are >10,000 patients with diffuse PVNS that would be eligible for therapy. In our view, this could easily be a $250 million market opportunity. Phase I/II in PVNS is ongoing with data expected in Q1:16, and then a single arm Phase III registration trial could start as soon as mid-2016.
The FPRX antibody is very specific and spares the off-target natural hormone FGFs that are the cause of toxicities of other FGF approaches. This should lead to a higher dose, and the antibody is also glyco-engineered for enhanced potency. Once a Phase II dose is selected, a cohort will begin based on a specific biomarker in relapsed/refractory gastric cancer patients.
This is one of the hottest combination targets in I/O and the center piece of the monster BMS deal. Initially, the first combo data in solid tumors was not expected until ASCO 2016, however the timelines have been moved up and data is now expected in Q1:16. In our view, that is a very optimistic sign. Once the Phase II dose has been selected eight cohorts in six different tumor types, (NSCLC, melanoma, SCCHN, pancreatic, colorectal, and GBM) will be started.
FPRX has exceeded our expectations to date as the company’s management team has had stellar execution. FPRX is uniquely positioned with its second generation antibody platform and protein library to thoroughly investigate the 700-plus potential targets identified for immune oncology drug development. The company also develops many of its own novel checkpoint inhibitors, that will lead to additional partnership opportunities. In addition to I/O, in our view FPRX has additional potential from their drug development candidates targeting fibroblast growth factor (FGF) signaling in solid tumors. With both FPA-144 in clinical development for FGFR2+ solid tumors, and FGF Ligand TRAP FP1039 in development with partner GSK for multiple FGFR+ solid tumors, we expect an abundance of value-creating data flow in 2016. Lastly, the recent addition of four I/O thought leaders, Dr. Bruce Blazar, Dr. Lewis L.
Lanier, Dr. Antoni Ribas and Dr. Suzanne L. Topalian to the company’s Scientific Advisory Board is another feather in FPRX ’s cap that will be invaluable in helping guide future drug development decisions. One of the better biotech stocks of 2015, is poised for further gains in 2016.
FPRX is now a BUY under 42 with a TARGET PRICE of 55
XON
The first deal is with Janssen Pharmaceutica NV (JNJ’s Euro Division) is to discover and develop ActoBiotics therapies directed against selected targets to treat Type 2 diabetes (T2D), obesity and/or metabolic disorders related to energy dysregulation. XON’s
ActoBiotics platform represents an innovative oral delivery system for biological effectors ideally suited to tackle multiple aspects of
T2D with the potential to improve efficacy in maintaining glycemic control in the long term. Current treatments generally target only specific aspects of the disease, leaving other related complications insufficiently addressed. In addition to treatment of established
T2D, the research collaboration will focus on diabetes prevention. No financial terms were disclosed.
The second XON deal is for the development of new rheumatoid arthritis (RA) drugs with Fibrocell (FCSC), an autologous cell and gene therapy company in which they already have two drug candidates in preclinical development. FCX-007 is an orphan gene-therapy product candidate, for the treatment of recessive dystrophic epidermolysis bullosa (RDEB), and FCX-013 is FCSC’s gene-therapy product candidate, for the treatment of linear scleroderma. The new Exclusive Channel Collaboration (ECC) for the development of genetically-modified fibroblasts to treat chronic inflammatory and degenerative diseases of the joint, including arthritis and related conditions. XON receives a technology access fee of $10 million, plus reimbursement for all research and development costs. The agreement also provides for regulatory and commercial milestone payments to Intrexon for each collaboration product of up to $30 million and $22.5 million, respectively, as well as a low double-digit royalty based on the net sales from collaboration products.
Fibrocell’s proprietary fibroblast platform will be combined with XON ’s cellular engineering capabilities to generate cell-based

therapeutics that have been modified to express one or more proteins at sites of joint inflammation helping overcome the limitations of existing treatment approaches for chronic inflammatory and degenerative diseases of the joint.
Metabolic diseases including diabetes, obesity and autoimmune such as RA are both Holy Grail drug development opportunities that represent huge market opportunities. The ability to not just treat symptoms but actually get to the underlying cause of autoimmune disease is the goal for both of these programs. While we remain very excited about XON and the potential to treat cancer with their gene therapy partner ZIOP , there remains significant disease markets outside of cancer that will benefit from XON ’s suite of technology platforms.
XON is a BUY under 42 with a TARGET PRICE of 60
PCRX
EXPAREL revenues were an estimated $67.2 million, compared to $59.0 million in the fourth quarter of 2014. Total revenues were an estimated $69.4 million, compared to $61.8 million in the fourth quarter of 2014. EXPAREL revenues were an estimated $239.9
million, compared to $188.5 million in 2014. Total revenues were an estimated $249.0 million, compared to $197.7 million in
2014. PCRX will provide final financial results and additional information on the fourth quarter and year-end 2015 performance in the earnings press release and conference call expected in late February. The company reported almost a quarter billion in revenue despite the FDA problems which have been completely resolved favorably for PCRX .
The drug has seen sales flatten out in 2015, despite this earlier slowdown the Q4 sales have accelerated to $67 million which was markedly better (10%) than the Q3 sales of $59 million. In our view, with complete freedom to market the advantages of EXPAREL in multiple surgical indications the company should have a solid sales growth in 2016.
PCRX is a BUY under 75 with a TARGET PRICE of 105
Symbol Company
ACAD
ALKS
Acadia
Alkermes
ANTH Anthera
BMRN BioMarin
CBMG Cellular Bio
CELG Celgene
FPRX*
INCY
XON
ISIS
Five Prime*
Incyte
Intrexon
Isis Pharmaceuticals
MDCO Medicines Company
NKTR Nektar
NVAX
OGXI
Novavax
OncoGenex
Orig.Rec.
Price (52-week)
Lo
# of
Hi Current Target Shares(m)
33.79
15.64
10.13
38.49
3.04
1.46
12.68
55.04
35.26
4.51
24.97
66.85
51.99
75.17
11.62
151.75
49.00
140.72
28.73
72.04
3.70
97.09
20.30
111.89
55
90
25
145
55
115
100.91
150.1
39.9
161.3
11.7
785.6
16.29
10.50
5.88
40.30
34.42
22.31
7.63
22.25
31.98
19.92
4.66
10.10
2.44
3.34
36.82
1.74
34.14
133.62
69.45
77.80
43.79
17.53
15.01
4.33
36.07
95.76
27.14
57.56
33.69
14.99
6.92
1.12
55*
120
60
100
75
25
20
8
27.5
186
116.4
118.9
69.4
133.5
269.9
29.8
992
17,811
3,159
6,844
2,339
2,000
1,867
33.4
Mkt. Value
($mil)
2,899
10,810
147.6
15,655
237
87,901
Recommendation
BUY under $40
BUY under $75
BUY under $10
BUY under $110
BUY under $40
BUY under $90
BUY under $42*
BUY under $100
BUY under $42
BUY under $75
BUY under $50
BUY under $16
BUY under $15
BUY under $4

PCRX Pacira
SGMO Sangamo
ZIOP Ziopharm
15.78
60.30
4.77
9.39
8.00
2.31
121.95
24.69
14.40
67.54
7.65
7.11
105
20
18
36.8
70.1
130.9
2,483
536
931
BUY under $75
BUY under $12
BUY under $12
*new recommendation
SHARES OWNED
Isis
Medicines Co
Nektar
Novavax
OncoGenex
Pacira
Sangamo
Ziopharm
(1/7/16)
COMPANY
Long Positions
Acadia
Alkermes
Anthera
Cellular Biomed
Five Prime
Incyte
Intrexon
TOTAL COST TODAY’S VALUE
3,000
2,500
16,015
2,700
4,820
2,250
2,200
4,000
2,600
6,500
27,000
20,600
1,500
7,190
12,500
49,123
76,405
63,277
60,984
125,222
23,907
53,597
101,000
102,470
32,695
123,540
101,417
91,136
34,817
76,510
Equities:
Cash: $65.00
PORTFOLIO VALUE: $1,699,815
*The Model Portfolio is designed to reflect specific recommendations. We began the Model Portfolio on 12/23/83 with $100,000. On 4/13/84, we became fully invested. All profits are reinvested. Stocks recommended since then may be equally attractive, but may not be in the Model Portfolio. Transactions and positions are valued at closing prices. No dividends are created, and a 1% commission is charged. We don’t use margin. Interest income is credited only on large cash balances.
230,240
87,594
97,435
186,840
23,072
101,310
55,004
88,875
86,190
180,100
59,256
54,810
173,857
215,460
59,708
$1,669,750
SHARES OWNED COMPANY
Long Positions
Acadia
Alkermes
Anthera
Cellular Biomed
Five Prime
3,000
2,000
9,765
2,700
4,020
TOTAL COST
102,417
27,189
70,985
101,417
70,679
TODAY’S VALUE
86,190
144,080
36,131
54,810
145,001

Incyte
Intrexon
Isis
Medicines Co
Nektar
Novavax
OncoGenex
Pacira
Sangamo
Ziopharm
(1/7/16)
3,139
2,170
3,300
1,250
6,000
25,000
30,700
1,000
7,190
12,500
51,176
75,472
53,501
40,375
36,411
58,025
162,503
15,938
53,597
101,000
Position Total: $1,566,499
Margin: –$605,027
PORTFOLIO VALUE: $961,472
**The Trader’s Portfolio joined the Model Portfolio on 1/6/05 with $500,000 and is designed to take advantage of short-term opportunities throughout the biotech sector. The Trader’s Portfolio will hold both long and short positions in stocks, trade-in options, and use margin. These strategies increase risk.
Although there is no limit on the time any purchase can be held, the time frame for most investments will be weeks to months.
300,590
58,894
189,948
42,113
89,940
173,000
34,384
67,540
55,004
88,875
NASDAQ
Last 3 Weeks
2016 YTD
Calendar Year 2015
Calendar Year 2014
Calendar Year 2013
Calendar Year 2012
(Based on Market Cap when under our limit)
1st Tier: ALKS , BMRN , CELG , INCY , ISIS
2nd Tier: ACAD , MDCO , NKTR , NVAX , PCRX , XON , ZIOP
3rd Tier: ANTH , FPRX , CBMG , OGXI, SGMO
-6.3%
-1.0%
-0.1%
13.4%
38.3%
13.4%
S&P 500
-4.8%
-5.6%
-0.1%
11.4%
29.6%
15.9%
MODEL
-12.9%
-11.5%
25.1%
29.2%
103.4%
25.7%
TRADER‘S
-19.8%
-17.7%
27.9%
45.0%
214.7%
68.7%
Medical Technology Stock Letter

John McCamant , Editor
Jay Silverman , Editor
Jim McCamant , Editor-at-Large
Mahalet Solomon, Associate
Joan Wallner, Associate
BioInvest.com
PO Box 40460
Berkeley, CA 94704
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©Piedmont Venture Group (2015). Address: P.O. Box 40460, Berkeley, CA 94706. Telephone: (510) 843-1857. Fax: (510) 843-0901. BioInvest.com
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Email: mtsl@bioinvest.com. Published 24 times a year. Email subscription rates: 1 year – $399; 2 years – $678; 3 years – $898. You may cancel at any time for a prorated refund. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representations or warranty, express or implied, is made as to the accuracy or completeness. In no way shall this newsletter be construed as an offer to sell or solicitation of an offer to buy any securities. The publisher and its associates, directors or employees may have positions in, and may from time to time make purchases or sales of, securities mentioned herein. We cannot guarantee and you should not assume that future recommendations will equal the performance of past recommendations or be profitable.
MTSL Issue 817
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