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Five Prime Therapeutics has had an erratic run, more so than some of the other biopharm that have been under "derisking" pressure. Having gone public September 18, 2013, not even seven months ago at $16, it's been mostly down until recently.I have an affinity to study broken IPO's as everyone (except some traders) are essentially down and sometimes more resistive to selling..although they will sell on a run-up....so the cycle is rough, but it still good to know the early "priviledged" few who got in on teh open LOST.Biopharms IPO's are even rougher as the road through trials, and the few that are approved is LONG.Five Prime bottomed near $8 in November and those loyal have gotten a decent ride back up, but any runs up to $16 have resulted in selling pressure as the doubters, or timid exit stage left with some pride intact....Each bounce has been a little higher and if not for the biopharm selloff, may have lasted above $16...the next bounce, who knows when in this environment...shoudl be good unless negative trial data emerges.Very solid partners in GlaxoSmithKline, Pfizer, UCB Pharma. While a recent IPO, Five Prime has been working since 2001.Reasonable cash left at this stage. Relatively small float, but dilution in the future as trials continue is certain.....Good possibilites for a biopharm...but usual high risk, with extra erratic behaviour.===================Five Prime Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the discovery and development of protein therapeutics that block cancer and inflammatory disease processes. The company?s product candidates include FP-1039/GSK3052230, a protein therapeutic, which is in Phase 1b clinical trials for trapping and neutralizing cancer-promoting fibroblast growth factors (FGFs) involved in cancer cell proliferation and new blood vessel formation; FPA008, a Phase 1 clinical trial stage antibody that inhibits colony stimulating factor-1 receptor; and FPA144 is an antibody for inhibiting FGF receptor 2b, as well as to treat patients with gastric cancer and potentially other solid tumors. It has collaboration and license agreements with GlaxoSmithKline LLC; Glaxo Group Limited; GSK-HGS; Pfizer Inc.; and UCB Pharma S.A. The company was founded in 2001 and is headquartered in South San Francisco, California.
Given the market cap inflation that has accompanied oncology IPO's since mid 2013, it's a little incongruous to see an outfit like Five Prime with a market cap under 350M. A quick overview doesn't indicate any obvious reason for the weak valuation. The company has a partnership with GSK for FP-1039 extracellular ligand trap which is already in clinical development, along with a recently announced partnership with Bristol Myers on preclinical immuno-oncology candidates. The latter collaboration was accompanied by a 20M upfront payment, a fairly respectable sum just for use of Five Prime's drug discovery platform. The 62M IPO last September was also solid, if not a blockbuster.Despite their apparent undervaluation when compared to the rest of the oncology IPO class of 2013, Five Prime doesn't have any late stage pipeline candidates and therefore has a great deal to prove. However, zzporte has decided to follow up recent successful ventures with Stemline and Agios with a starter 200 share position in Five Prime at 16.64.
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