Regulus Therapeutics (NASDAQ:RGLS)

It would have been nice to get this at yesterday's close of 7.4 but I still think Regulus is overpriced at 6.8. They have an enterprise value of 150M and all they have to justify it is their Isis/Alnylam pedigree. They won't be submitting an IND for their first microRNA therapeutic until 2014, and their existing partnerships don't provide much income. What concerns me the most is that their lead compound is an intravenous therapy for Hepatitis C. Where has management been for the last five years, as other companies have been demonstrating high rates of cure with all-oral regimens? The company now admits they will only be able to target a niche population that has failed other therapies. If that's the best we can hope for from microRNA, I'll stick with RNAi.