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Tuesday, September 8, 2009

Myriad Pharmaceuticals

With all the action in Biotech lately, I'd thought I throw out another name.

Myriad Pharmaceuticals known as "MPI" and stock symbol (MYRX 4.47) was spun off from Myriad Genetics (MYGN 31.45), in a ratio of 1 share of MYRX for every 4 shares of MYGN. MYRX is the research and drug development business of Myriad Genetics, and they are now two seperate companies..

MPI has $188 million of cash, and three clinical stage drug candidates:

Azixa™, MPI’s most advanced cancer drug candidate, which is currently in three Phase 2 clinical trials;

MPC-3100, a novel, fully-synthetic and orally-bioavailable heat shock protein 90 (Hsp90) inhibitor and MPI’s second clinical oncology drug candidate, currently in Phase 1 clinical testing; and

MPC-4326 (bevirimat dimeglumine), a small molecule, novel mechanism of action drug candidate for the treatment of HIV, expected to begin a Phase 2b clinical trial in the second half of 2009.

With about 24 million shares outstanding, "MPI" has close to $8 a share in cash. MYRX has three presentations in front of brokerage firms in the next two weeks, and the stock is close to it's lows.

You can buy it at a discount to its cash, and hope they tell a good story.

And then, you can disregard Piper Jaffray's $3.50 target on this name!

4 comments :

Anonymous said...

I wish you can buy the stock, opt to be cashed out by the company and enjoy the free money :P

Anonymous said...

why did this stock keep going down after the spin off? you think it's going to take a while to get back to cash value?

Anonymous said...

like with all bio companies they are hit and miss withe the drugs...this guy echo's you

http://seekingalpha.com/article/160114-three-stocks-for-any-portfolio?source=yahoo

just wondering if you bought any ?

Palmoni said...

Yes--remember how VVUS has all these presentations they are going to give in the next few weeks?

Today they announced blockbuster news.

I don't think we are getting any blockbuster news since MYRX isn't far enough along with trials, but I think that if they are giving presentations, they may have some interesting news that Wall Street can sink their teeth in.