We have added the firm's vaccine candidate to our model with a 60% probability of success.
We expect no-moat BioNTech and wide-moat Pfizer to move one of the test candidates into the next phase, planned to start as early as this month.
A long road lies ahead as the trial continues, but we are maintaining our fair value estimates for the two healthcare firms.
But the entire pipeline merits attention.
Intercept's NASH treatment could be approved years ahead of competition.
But the pipeline of competing drugs is full, so we don’t see a moat for the biotech.
The biopharma is well positioned with its label expansions and pipeline.
Of the contract research organizations we cover, Syneos looks most attractively valued.