Там приведены расчеты, что после обвала биотехов компания торгуется дешевле активов:

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The valuation of this company is too attractive to ignore. One thing I am certain about: the value of Cell Genesys’ GVAX cancer vaccines, patent portfolio, and gene activation technology licensing program is worth more than zero. But, the market currently values it at -$8.8m.

The table below shows the value of five other similar biotech companies involved in gene therapy research. I derived the "technology value" by deducting the amount of cash and securities from market capitalization. The technology value merely reflects the value assigned to the company’s research and development assets. The average company’s technology value is $691.5m, even after the recent beating these stocks have experienced. Assuming Cell Genesys’ research assets are average, which I believe is conservative, its stock should currently trade at about $50 per share.

Company Ticker Price Shares (m) Market Cap ($m) Cash & Securities ($m) Tech Value ($m)

Ariad ARIA 20.25 25.00 506.25 57.50 448.75
Avigen AVGN 56.00 15.30 856.80 48.90 807.90
Targeted Genetics TGEN 13.19 38.50 507.72 8.50 499.22
Transkaryotic Therapies TKTX 63.06 23.20 1,463.05 192.50 1,270.55
Vical VICL 30.00 19.20 576.00 144.90 431.10
Average 781.96 90.46 691.50

Cell Genesys CEGE 29.00 32.4 939.6 948.4 -8.8
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Вопрос: правильно ли посчитано, долго ли это может продолжаться, чем закончится?

Спасибо. Александр.