What do you folks think is this one ever going to launch?
Well, it is up 125% this year so that's a pretty good start!. It has $250M cash and the revenue ramp does look good. It is still losing money, with negative cash flow (-$39M last 12 months) but losses are decreasing. The 2Q results nicely beat sales estimates and the loss was less than expected. Guidance was raised. AUPH launced a strategic review in June, and one possibility is selling the company. On the call, management sort of side-stepped the issue but the review is continuing. While its size, sector and valuation (8X sales) add risks, we think the momentum in price and sales may continue for a period of time. If there is no sale the stock of course will dip, but these reviews take time, and meanwhile the fundamentals do look to be improving.