Biotech Values

[NP1986]

I still think this is a good holding for a diversified portfolio.

INCY is currently the largest holding in my portfolio. I think their guidance for 2013 is fairly conservative, and once you factor in royalties from ex-US sales, they have a pretty good revenue stream from Jakafi just for MF.

There's a lot of upside here, be it from optimizing use for MF, additional indications, or from their pipeline. The major catalysts are in 2014 or beyond, but I'm still comfortable holding till then.