GLPGF - Morgan Stanley updates biotechs with negative enterprise values & 2022 catalysts

Reviewing its coverage on biotechs with negative enterprise values, Morgan Stanley says that the number of companies on the list with potential catalysts in 2022 has increased to 27 in May from 20 previously. Adding market capitalization to total debt and deducting cash and cash equivalents, the enterprise value indicates the actual value of the company’s business operations. Belgian biotech Galapagos NV (NASDAQ:GLPG) (OTC:GLPGF) tops the list with the largest negative enterprise value, followed by its U.S. rivals, Kodiak Sciences (KOD), Adagio Therapeutics (ADGI), and Graphite Bio (GRPH). Bolt Biotherapeutics (BOLT), AVROBIO (AVRO), Alector (ALEC), and Cyteir Therapeutics (CYT) are also among the notable components. The list based on the most up-to-date cash and debt balances also includes companies with low negative enterprise values despite their potential catalysts this year, namely 2Seventy Bio (TSVT), Bluebird Bio (BLUE), and Foghorn Therapeutics (FHTX). Other constituents in the list: Atea Pharmaceuticals (AVIR), Xilio Therapeutics

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Morgan Stanley updates biotechs with negative enterprise values & 2022 catalysts