Biotech Values

[DewDiligence]

On a risk-adjusted basis, opportunities such as ENTA at $17 and change don’t come along very often, so you have to play big when they do.

ENTA was fundamentally mispriced for much of 2013 because many investors thought of it as a “phase-2” company. What these investors missed is that HCV drugs almost never fail phase-3 due to insufficient efficacy.