Peloton Therapeutics, Inc. (PLTX) is at an advanced stage of development, which will please many investors. The company expects to start patient enrollment for its Phase 3 clinical trial in the second half of 2019. Additionally, three years ago, competitors were valued at $250-500 million in their IPO. Market participants should expect a similar valuation for PLTX. With that, investors should understand that investing in biotech is very speculative. The company plans to release topline results of another clinical trial in the first half of 2020. If new data is not favorable, the