I'm back, had to feed my boy. I guess it is debatable whether or not you buy their explanation for the quarter sales decline. However, from a current valuation perspective, I think the pps is a little cheap. They claimed to have 144+ mil in cash and hardly any debt. They now have 2 approved drugs (all be it not home runs). They booked 44 mil in revenue for the quarter and, by today's close, are selling for 450 mil market cap/375 mil enterprise value.
Do I like this as a long term value? No, but to drop almost 30% after the approval was over done, IMO (even if the pps was too high prior to the approval).
It may not be a value, but as a trade, I think it was well worth a shot. I may be guilty of choosing the wrong forum for this type of play.
