– Sub $200m biotech with a best-in-class Phase 3 asset for primary biliary cholangitis.
– Existing cash provides runway till early ’24.
– Near-term catalyst – phase 3 readout expected in Q3’23.
– Steady commercial ramp-up starting in 2025.
– Unjustifiably sold off with the rest of the $XBI index.
– Peak sales of $500-600m with 65% operating margins by 2030.
– 70% probability of trial success results in a $650m equity value or 3x from the current prices.
Exp. gain: +200% to $7/share in 1+ years.
Full $CBAY write-up (free guest account required):