QURE - uniQure: The Valuation Got More Attractive

2024-02-01 14:25:18 ET

Summary

• uniQure is valued here as a pre-revenue company assessing its liquidation value, value of potential cash flows from HEMGENIX sales and estimating the worth of its future R&D efforts.
• In 2023, uniQure achieved some major milestones – approval for its HEMGENIX treatment in US & EU, sale of its royalty interests in it, encouraging data from Huntington’s disease trials.
• With the value for uniQure close to $33/share, it represents a very attractive bargain, trading at below $6 recently.

Developments since May 2023

When I last valued uniQure (QURE) in May of 2023, I found it being undervalued by the market. The value I ascertained was $39, while the stock was trading in the $18 range at that time, making it over 50% undervalued. UniQure had crossed the critical milestones of securing FDA and EMA approvals for its AMT-061 treatment, but the market had seemed to ignore the critical implications of these approvals on uniQure’s price....

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