12th Feb share price, page-49

So for biotech stocks, the only thing that matters from a valuation point of view is whether or not the technology is of interest to a major multinational. This is untrue.

A company is worth the current value of its future cash flows. This has never changed and never will change. It doesn't matter whether it is a biotech company or any other type of company.

How can you estimate future cash flows when you don't even know the key terms of the only commercial deal OBJ currently has? If you can't estimate future cash flows how can you say whether OBJ is worth more or less than its current market cap?

If you can't answer the above questions, how can you be so sure of your investment in OBJ? I know that you are incredibly certain given your highly concentrated portfolio.

It is interesting that the one person who is privy to the terms of the deal sold a large number of shares. Maybe he needed the money or maybe it wasn't a genuine sale, but maybe it was.

Without cash flow information, OBJ is not an investment but a gamble, the difference being that risk of permanent capital loss is far higher.