Fair value uneffected by suspended early-stage clinical trials.

Good news as a proposed merger is approved but investors may be too optimistic. 

Solid global sales and margin expansion are highlights from latest quarter.

Proceeds from the sale don’t make up for lost earnings. 

We cut our fair value estimate by 9% but the market is overely pessimistic on prospects.

Shares are up 25% year to date but still screen as undervalued.

Should investors chase this growth story or are they overvalued after the surge in the shares.  

The shares are trading at a 27% discount to our fair value.

Revised guidance reflects weak margins but poised for recovery.

We view the proposed tie up as value-dilutive but the shares remain undervalued.