Biotech Values

[iwfal]

Seeing the right kind of progress at least in Q2 (but preferably over at least two consecutive Q's like I have often said) could start to make it look more like a "value" play.

Sure - but at this point it's clear Foley has zero idea how to manage (eg ALWAYS reactive, and even then in a vague short term way) and the adults are waiting way too late to make a change. It's been happening a lot of places. Eg I follow CARA, which also has a good drug, and they didn't make the obvious prioritizations necessary until there was just barely, if everything goes well, enough money to make it to the end. Zero interest rate allowed the proliferation of inept managers - and they now need to be weeded out. (on CARA - history says they don't have the ability to make the plan go well. Eg they'll like pick a stupid dose to go forward).

Another of this form was RLMD - and they are at least trying now. And they didn't leave it quite so late as RVNC and CARA, but its not clear they have the ability to make good decisions.