ENTA’s enterprise value (@$45.74) is about $675M, based on 24.1M fully-diluted shares (#msg-163910230) and pro forma cash of $426M (#msg-163910195).
If you deduct a reasonable figure for the present value of the Mavyret royalty stream, the resulting adjusted EV is pretty close to zero. I doubt that you can find a more undervalued biotech on the market.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”