Is RUBY overvalued?
The market doubled RUBY's value to about $2B ($1.8B enterprise value) almost overnight earlier this month on readout of early Phase 1 data for its allogeneic (off-the-shelf) red blood cell immuno-oncology therapy technology (see our IQ card HERE). Admittedly, the data is in intriguing and possibly clinical proof of concept, as the company claims. We'll get more details in a few weeks at AACR. However, this is super early and still a relatively untested highly speculative non-specific immuno-oncology asset. Does RUBY's very early stage, highly speculative technology warrant a $2B market cap?
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