Expert Financial Analysis and Reporting

Purpose of Report I am leaving on vacation and will be back on August 27, 2015; you won’t hear from me until then. As the second quarter conference calls and accompanying updates are almost behind us, I thought I would provide a quick summary of where I stand on the15 companies I cover. These are […]

SmithOnStocks Mailbox  Comments on Agenus, ImmunoCellular, Discovery Laboratories, Neuralstem, Kite and Juno About the Mailbox: My mailbox comments are brief notes on stocks in which I am involved. They can come from recent events or from subscribers’ questions. Comments are meant to address specific issues about these stocks and are not full and balanced reports. […]

The Terms of the Juno Celgene Deal Celgene and Juno announced a ten year collaboration for drug development using CAR-T therapy for both cancer and autoimmune diseases. Celgene has the option to commercialize Juno programs outside North America and co-promote certain programs globally. Juno has the option to co-develop and co-promote select Celgene programs. Celgene […]

SmithOnStocks Mailbox About the Mailbox: My mailbox comments are brief articles on stocks in which I am involved. These can come from recent events or from subscribers’ questions. They are meant to address specific issues about these stocks and are not full and balanced reports. Please refer to the Reports section of my website for […]

Introduction to This Thought Piece Emerging biotechnology stocks obviously are very hard to value on an absolute basis because they usually have no or minimal sales and huge operating losses. Many Wall Street analysts arrive at price targets by making long term sales and earnings projections; risk adjusting the estimates through predicting probability of successful […]

Introduction Adam Feuerstein just published a blog that attacks the results and conclusions drawn from the paper summarizing results from the 51 patient information arm of the DCVax-L phase 3 trial. This marks the 22nd consecutive negative blog by Feuerstein on Northwest. I am growing tired of rebutting his articles, but as long as he […]

Introduction A number of subscribers have suggested that I write more on recent news events that relate to companies that I follow. This note is in response to these requests giving my take on some recent news releases. I would appreciate your feedback on whether this is of any value to you. I am considering […]

Introduction My approach to my website in the two years I have been publishing is to in-depth research on a limited number of emerging biotechnology companies. To date, I have seldom written on companies on which I have not done a comprehensive analysis. However, I have done work on numerous other companies and sometimes have […]

Incyte’s expertise in clinical development and commercialization of cancer drugs is a perfect complement to Agenus’ product development capabilities for antibodies used for checkpoint modulation. The combined companies present one of the most powerful development efforts in the highly promising field of checkpoint modulation. Agenus is the only pure play in this area, which is […]

Overview This has been a tough year for many small emerging biotechnology firms. Many have been in a bear market while the market as a whole had a reasonable year. The group did very well in 2013 and early 2014 and kept pace with strong price performance by the larger biotechnology companies. In March of […]