Aug 09th 2012 - Edison Investment Research today published a report on BTG (BTG.L, LSE:BTG, LON:BTG) entitled "Look Beyond The Short-term Shock". In summary, the report says:
AstraZeneca’s discontinuation of AZD9773/CytoFab after the failure of a Phase IIb study in severe sepsis/septic shock has a material impact on BTG’s valuation, but given the larger recent share price movement, the investment case remains strong. Removing CytoFab’s contribution and making certain other changes reduces our valuation from 430p to 398p per share. This suggests there is an almost 15% upside to a valuation that is largely underpinned by the DCF value of a solid revenue-generating business while, by biotech standards, BTG has a low risk profile.
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