3SOF

Quote from: DragonAMG on May 02, 2007, 11:07:06 PM
Do you think David should revise his valuation model and add to the main portfolio at these levels?  Where do you see this stock by year end?

You should ask him, he mentioned VPHM on the NVTL board.
VPHM should be around 25$ imho..
but please do your own DD 

Back to VPHM. I truly enjoyed yesterday's results:

• ViroPharma Incorporated Reports First Quarter 2007 Financial Results
PR Newswire (Wed 7:30am)

There's so much to talk about we could be here all day. Let me just provide you the basic topics that explain why I'm buying this stock around today's open, and we'll study them more carefully over the upcoming daily updates:

1) Gross and net profit margin improved due to a switch of Vancocin's manufacturers;
2) The company bought a call option to buy 13.25 million of its own shares at $18.87, which nullifies the dilution effect of the $250 M convertible note offering (also convertible at $18.87);
3) I've learned that Vancocin is open for generic competition since 1996. Still didn't happen. There are a number of barriers to a generic competitor to Vancocin, even though Akron says it is working on that. There's also an FDA organism facilitating generic competition for Vancocin (that explains the fallout from $20 to $8 or so about a year ago). The company has a good case against this;
4) The plan to expand Maribavir commercialization to Europe, not just North America, doubles the drug's potential market;
5) I also enjoy that Hepatitis C treatment, currently still in Phase 1, but it looks like a large percentage of the population in the US and Europe has the disease, but doesn't know it. I talk from personal experience, my mom has the disease and is taking a painful (and expensive) one year treatment;
6) I have great faith on the common cold treatment Glaxo Smithkline bought from VPHM, from which VPHM may receive $65 M and royalties of revenues coming from the drug (the cost of sales of these revenues would be close to zero).

I know, the story lacks details, but VPHM is a biotechnology company trading at 14 times 2007 estimated earnings (estimated by me at $1.17) with great potential from its pipeline being approved and hitting the market in 2008 (especially Maribavir). You know I usually don't fall in love with biotech companies, but VPHM seems to be taking all the right steps. There's one thing I enjoy about biotechnology companies (when they sell something): Their incredibly fat net profit margin, which in VPHM's case was 45% in Q1 2007.

Therefore I'm raising my estimates for VPHM and consider it attractive at this point:



The trading plan is:

Buy VPHM, 6.66% of capital as always.

   
"I BELIEVE"
for more detailed information just read all my postings..........
cheers from singapore
Oliver

Room to Grow for VPHM Shares
Thursday , May 03, 2007 07:00ET

>May 03, 2007 (Zacks Investment Research via COMTEX) -- After a strong first quarter earnings report, ViroPharma, Inc. (VPHM) maintains its Buy rating from Zacks senior biotechnology analyst Jason Napodano, CFA. We excerpted the following from today's updated report on the company:

"ViroPharma, Inc. is a pharmaceutical company engaged in the development and commercialization of products that address diseases caused by infectious agents such as a virus or pathogenic bacteria. The company has one approved product, Vancocin Capsules, for the treatment of antibiotic-associated infection, and two mid-stage candidates for viral infections.

"Recent concerns over a generic alternative to Vancocin have hampered the stock. This is keeping ViroPharma trading at a significant discount to its peers. The company has filed a Citizen's Petition to the FDA-OGD [Food & Drug Administration Office of Generic Drugs] to halt generic entrants. Outside of Vancocin, clinical-stage candidates Maribavir and HCV-796 offer the next substantial growth opportunities. We believe the shares are vastly undervalued. Our target is $22.

"We are maintaining our Buy rating on shares of ViroPharma after the strong first quarter 2007 report. We are pleased to see sales of Vancocin on tract with our yearly forecasts for 2007. Management confirmed the previous range of $195 to $205 million for 2007. Our forecast of $207.0 million for Vancocin Capsules sales in 2007 is just above management s guidance on our belief that the remainder of the year will continue the strength seen in the first quarter. We also feel the recent 9.4% price increase and now under-control inventory situation will help management meet or exceed their guidance."

ViroPharma initiated with "market perform"
Thursday, May 03, 2007 8:46:57 AM ET
Rodman & Renshaw
NEW YORK, May 3 (newratings.com) - Analysts at Rodman & Renshaw initiate coverage of ViroPharma Incorporated (ticker: VPHM) with a "market perform" rating.

&

ViroPharma "market outperform," target price raised
Thursday, May 03, 2007 2:22:50 PM ET
JMP Securities
NEW YORK, May 3 (newratings.com) - Analysts at JMP Securities reiterate their "market outperform" rating on ViroPharma Incorporated (ticker: VPHM).
The target price has been raised from $18 to $21.

Let's go a bit deeper on the six topics I pointed out that tell me VPHM is a nice holding for the Main Portfolio:

Quote
1) Gross and net profit margin improved due to a switch of Vancocin's manufacturers;

«Vancocin cost of sales includes the cost of materials and distribution costs. Our gross product margin rate (net product sales less cost of sales as a percent of net product sales) for Vancocin increased in the quarter ended March 31, 2007 to 95.5% from 80.6% in the same period in 2006, which included $2.1 million of additional costs. This increase primarily results from the sale of units manufactured by OSG Norwich, which carry a lower inventory cost. The $2.1 million of additional costs in the first quarter of 2006 related to a portion of the November 2005 amendment to our manufacturing agreement with Lilly whereby we increased the amount of Vancocin that Lilly supplied to us, which increased our cost of sales in the first quarter of 2006, as specific higher cost units were sold.»

This change is permanent, so we can expect gross margin for Vancocin to stay above 90% from now on.

Over the upcoming updates we'll talk about the other 5 points, in the meantime I'll keep holding VPHM.

Here's the second point I made in the "buy VPHM" recommendation:

«2) The company bought a call option to buy 13.25 million of its own shares at $18.87, which nullifies the dilution effect of the $250 M convertible note offering (also convertible at $18.87)»

The press release we have is this:

• ViroPharma Announces Completion Of Convertible Offering
PR Newswire (Mon, Mar 26)

The way I see it, there wouldn't be much dilution between $18.87 and $24.92, because the company could exercise its right to buy shares at $18.87 to satisfy the potential conversion of the notes (it has that option, but not the obligation to do so). But at prices above $24.92, there would probably be dilution from those second warrants.

I wonder what are the company's plans for the $241.8 M of proceeds of this note offering:

«The net proceeds of $241.8 million after deducting estimated discounts, commissions, and expenses will be used to fund general corporate purposes including strategic investments or acquisitions of products, technologies or complementary businesses.»

A well targeted acquisition could help increasing the earnings multiple of VPHM. I'll continue holding VPHM.

Today let's think about the third reason I gave for recommending buying VPHM:

«3) I've learned that Vancocin is open for generic competition since 1996. Still didn't happen. There are a number of barriers to a generic competitor to Vancocin, even though Akron says it is working on that. There's also an FDA organism facilitating generic competition for Vancocin (that explains the fallout from $20 to $8 or so about a year ago). The company has a good case against this;»

I must admit that La-onda knows this stock much better than I do, so I based myself also on his judgment of the situation:

Quote
The legal case pending on FDA is very strong.
Generic production from Vancocin is very complex and earliest entry point could be end of 2008.

I read on the company's latest 10-K form that Vancocin is not patent protected since 1996. Yet, 11 years after, there's still no competition, despite the very appealing market opportunity. Why is that? Maybe VPHM has been, and it will continue to be, successful in its efforts to hamper any generic competition or other.

We must go a lot deeper on this subject over the upcoming updates (I'm short on time now), or else we should look more into the company's pipeline potential, which seems great.

I find it especially hard to understand and value biotechnology companies and probably I won't buy any other to the Main Portfolio. I also enjoy ASPV, but between ASPV and VPHM, I see more upside potential in VPHM, because ASPV, at least to my knowledge, has no pipeline of new products (that's why it is so cheap considering common valuation metrics like the sales and earnings multiple).

I'll continue holding VPHM.

David,
there are very specific and detailed documents existing regarding this topic, but I would like to start with the official VPHM statement:

ViroPharma Submits Scientific Arguments in Supplement to Vancocin Petition for Stay of Action

EXTON, Pa., June 30 /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq: VPHM) today submitted a supplement to its Petition for Stay of Action with the FDA regarding the bioequivalence requirements for abbreviated new drug applications (ANDAs) that seek to copy Vancocin capsules. The document sets forth scientific arguments supporting ViroPharma's strong belief that the decision of the FDA's Office of Generic Drugs (OGD) to modify the bioequivalence standards for generic copies of Vancocin capsules is scientifically flawed.
The submission made by ViroPharma will be available in its entirety later today on ViroPharma's corporate website, at http://www.viropharma.com/OGDpetition.
The document will also be furnished with the SEC as an exhibit to a Current Report on Form 8-K, and will be available on the EDGAR section of the SEC website as well as the SEC filings page of the 'investing' section of the ViroPharma website. The company also expects that the document will become available on the docket management section of the FDA website within approximately two weeks.
The Company believes that its latest submission demonstrates that the OGD's proposal for demonstrating bioequivalence of a generic version of Vancocin capsules using only in vitro dissolution testing instead of human clinical trials is not justifiable, and presents an unacceptably high risk of approving a bioinequivalent product. Because Vancocin treats two potentially life-threatening diseases, Clostridium difficile-associated disease (CDAD) and enterocolitis caused by Staphylococcus aureus, anything less than an in vivo demonstration of bioequivalence in those with CDAD may expose patients to unnecessary risk and raise significant clinical and public health concerns.
Previously, on May 31, 2006, ViroPharma filed a supplement describing its strong belief that the OGD's decision to lower the bioequivalence standards for generic copies of Vancocin violated numerous federal statutes in addition to the FDA's own regulations with the result that the new standard cannot, as a matter of law, be used in the review or approval of applications for generic versions of Vancocin. ViroPharma intends to continue to vigorously oppose any approach that does not require rigorous scientific methods including human clinical studies, consistent with good medicine and science. The company also believes that, given the growing number of patients with severe, and possibly life-threatening, CDAD, the appropriate expert advisory groups must validate the scientific and medical appropriateness of the approval standards for a generic locally acting vancomycin capsule product.

C. difficile is a bacterium, which under certain circumstances, typically after antibiotic therapy, can colonize the lower gastrointestinal tract where it may produce toxins which cause inflammation of the colon and diarrhea, and the associated complications of disease, including death. Advanced age, gastrointestinal surgery/manipulation, long length of stay in healthcare settings, a serious underlying illness and compromised immunity are conditions associated with increased risk of disease. According to the CDC, there are approximately 3,000,000 cases of antibiotic-associated diarrhea per year, of which 15 to 25 percent are caused by C. difficile.

hope this helps, if you need more info, I will send you the documents...

Quotehope this helps, if you need more info, I will send you the documents...

It sure helps la-onda, thanks for the info

The 4th reason I had to buy VPHM was:

Quote
4) The plan to expand Maribavir commercialization to Europe, not just North America, doubles the drug's potential market

This is the news release:

• ViroPharma Announces Decision To Develop And Commercialize Maribavir In Europe
PR Newswire (Tue, May 1)

I believe this is another step in the right direction for VPHM to achieve its full growth potential, and because of this and other factors this biotechnology company shouldn't be trading at such a low valuation of 14 times earnings, when its industry average trades at 36 times earnings.

Now, there are three questions that I would like to answer but I don't have a clue:

1) How much will Maribavir cost?
2) What is the drug's market potential, in US and Europe combined?
3) When will the commercialization phase begin?

I hope La-onda knows about this, I'm sure the company has internal studies and expectations on the three issues, but probably it didn't made them public. La-onda, do you have any research piece with this type of information about Maribavir?

Thanks a lot

I'll continue holding VPHM.

David, you are always welcome 

Let´s try to summarize:

3 SoF VPHM Maribavir Q&A:

1)How much will Maribavir cost?
2)What is the drug's market potential, in US and Europe combined?
3)When will the commercialization phase begin?
   
Goldman Sachs March quotation:
Maribavir is currently in Pahse 3 trials in the transplant setting, a $100 to 200 million niche market, with potential NDA submission in 2009.

Lazard March quotation:
We believe Maribavir may double the current $350 million CMV market based on higher price, a shift to universal prophylactic use, and longer duration of use. We estimate that there are approximately 16,000 autologous and 8,000 allogeneic stem cell transplant (SCT) procedures each year in the U.S. Additionally, we estimate that there are 4,000 heart/lung, 6,000 liver, and 16,000 kidney transplant procedures annually in the U.S. We believe the largest market opportunity for Maribavir is in the stem cell transplant market, where no therapies are approved for prophylactic use. Cymevene and Valcyte are both approved for use in solid tumors, where both are increasingly used for prophylaxis and for longer durations of treatment, but their toxicity limits usage in this setting. We estimate that the worldwide CMV market including prophylaxis and treatment is a $500 million-plus opportunity. Our 1H10 launch estimate assumes an NDA filing in mid-2009 and six-month priority review. We previously expected ViroPharma to out-license the European rights for Maribavir by year-end 2006; however, we now expect ViroPharma to retain European rights as the targeted physician population for marketing is smaller than we previously estimated.
We continue to expect ViroPharma to out-license rest-of-world rights to Maribavir this year.
Maribavir Phase III trial for CMV prevention in SCT underway; second Phase III in SOT should begin in 2Q07. The first Phase III trial is an international, double-blind, placebo-controlled study that will enroll approximately 500 patients over 18 months who are undergoing allogeneic stem cell transplantation. Subjects are randomized to receive Maribavir 100mg twice daily or placebo for a maximum of 12 weeks. Subjects are monitored weekly for CMV by central lab testing for CMV pp65 antigenemia and CMV DNA in plasma by PCR testing. If a subject tests positive for CMV during the course of the trial, Maribavir will be stopped and the patient will be treated according to standard CMV treatment practices at the transplant center. The primary endpoint is incidence of CMV disease within 180 days of transplant. The trial is powered to show a statistically significant difference based on an expected event rate of 3%-4% in the treatment arm and 10% in the placebo arm. These expected event rates are partly based on Phase II Maribavir trial data. Beyond the primary efficacy endpoint, the company and the FDA have identified several key secondary endpoints to measure the possible clinical benefits of Maribavir, including incidence of initiation of preemptive anti-CMV therapy, incidence of GvHD, mortality, and CMV disease-free survival. Recall that CMV infection causes increased mortality in transplant patients via direct toxicity and by increased rates of transplant rejection due to GvHD. We expect the company to initiate a Phase III trial for CMV prevention in solid organ transplant patients in 2Q07. While we anticipate hearing the exact design of the trial following its initiation, we expect the Phase III to be a non-inferiority trial in liver transplant patients measuring the safety and efficacy of Maribavir versus gancyclovir (valganciclovir is not approved for use in these patients). We do not believe this trial will be a difficult hurdle for Maribavir as the Phase II trial points to Maribavir's superior safety and efficacy.
   
Zack report March quotation:
Maribavir
In 2003, ViroPharma acquired the worldwide rights (ex-Japan) to a potent and selective, oral inhibitor of cytomegalovirus (CMV) from GlaxoSmithKline. CMV is a member of the herpes virus group, which includes the viruses that causes chicken pox, mononucleosis, herpes labialis (cold sores) and herpes genitalis (genital herpes). CMV can cause serious complications in persons with weakened immune systems and has the ability to remain dormant in the body for long periods of time. Human CMV infection rates average between 60% and 85% of adults in the U.S. by 40 years of age. In most healthy individuals, CMV infection causes little to no apparent illness. However, in immuno-compromised individuals CMV can lead to serious disease or death. Unlike currently available anti-CMV agents that inhibit CMV DNA polymerase, Maribavir inhibits viral DNA assembly and inhibits egress of viral capsids from the nucleus of infected cells (UL-97 kinase). ViroPharma recently presented very positive results from a 12-week (n=111) phase II study with Maribavir used as a prophylaxis treatment in CMV-seropositive patients with allogenic bone marrow ( stem cell ) transplant. The data demonstrated that Maribavir offers a significant reduction (p<0.05) in CMV re-activation on an intent-to-treat basis.
Maribavir patients dosed twice daily (BID) with either 100mg or 400mg reported on 15% re-activation rate versus placebo at 57%. Additionally, no patients on Maribavir (n=83) reported CMV disease versus 11% (n=3 of 28) on placebo. We are very impressed with these data. Skin rash was similar between Maribavir and placebo and no serious adverse events to inhibit future testing were observed. Maribavir looks well-tolerated with efficacy superior to ganciclovir. This data will be presented fully at an upcoming medical conference.
ViroPharma initiated the first of two phase III programs on maribavir in September 2006. The trial will study the drug in 500 allogeneic stem cell transplants patients. The goal of the trial will be to evaluate the efficacy, safety and tolerability of prophylactic use of maribavir administered orally for up to 12 weeks for the prevention of cytomegalovirus (CMV) disease. The primary efficacy endpoint will be the incidence of CMV disease within 180 days post-transplant, which is predicted to be approximately 10% in the placebo (current standard of care) arm based on data from the phase II study. Following extensive dialogue with FDA, a number of key secondary endpoints associated with CMV reactivation have been identified and assessment of these endpoints will play an important part in assessing the clinical benefit of maribavir. These key secondary endpoints include incidence of initiation of preemptive anti-CMV therapy, incidence of graft-versus-host disease, mortality and CMV disease-free survival. The study also will evaluate the pharmacokinetics of maribavir in this subject population.
Viropharma is also finalizing plans for the second phase III trial to begin in solid organ transplant patients perhaps in the second quarter of 2007. This trial will be smaller than the stem cell transplant trial and may actually offer data before the stem cell trial. However, management will compile data from both trials to prepare a New Drug Application (NDA) in late 2008 / early 2009. We assume the launch in late 2009. We believe the future potential of Maribavir is being lost in investor concerns over generic Vancocin. Maribavir has the potential to quadruple the sales of Vancocin. The positive phase II data caused us to add Maribavir to our long-term model and forecast $20 million in sales in 2009. We see Maribavir ramping to $255 million in 2011 this should drive substantial profitability.
In February 2007 ViroPharma announced that the FDA had granted orphan drug designation for maribavir for prevention and treatment of cytomegalovirus (CMV) viremia. The Orphan Drug Act was designed to provide incentives to companies to develop drugs that treat conditions affecting 200,000 or fewer patients annually in the U.S. and that provide a significant therapeutic advantage over existing treatments or fill an unmet medical need.
We estimate there are roughly 30,000 solid organ transplants and 25,000 stem cell transplants 10,000 of which are allogenic in the U.S. annually. The current standard of care is Roche s Valcyte (valganciclovir), a prodrug of Cymevene (ganciclovir). Sales of Valcyte/Cymevene in the U.S. in 2006 were $207 million, up 27%. We believe that maribavir offers better absorption at the oral dose than valganciclovir and ganciclovir, as well as less resistance and fewer side-effects. Orphan drug designation entitles ViroPharma to seven years of market exclusivity in the United States upon FDA approval of Maribavir, provided that the company continues to meet certain conditions established by the FDA. Maribavir is also patent protected until 2015. Other potential advantages include protocol assistance, the potential for priority review, tax credits, and other financial incentives. The drug has already been granted Fast Track status by the FDA, allowing for a potential rolling NDA filing.

Additionally:
Somebody who is at close contact with VPHM Mgmt stated the following (no link etc available):
The base estimate for Maribivir per the teach in was $400 to $500 million per year. This is when ViroPharma expected to receive a royalty for use of Maribivir in europe. Obviously, the base estimate has increased significantly, probably by at least 80% to $720 to $900 million a year.(based on the Maribavir Europe decision)
&
quotation from cc:
Material impact on the estimated market for Maribavir. The company said that prior figures comtempated a royalty from Europe. Europe accounts for 40% WW sales current therapy.
Pricing should be on par with the States-- On track to start 2nd phase II study this quarter so another PR for them to talk about this opportunity.

Please also check the last CC transcript!

cheers from Singapore
O.

hi,
this kind of news usually doesn't effect the stock price much but here it is.
max

ViroPharma to Present at the Acumen/BioFin Rodman & Renshaw 4th Annual Global Healthcare Conference
Wednesday May 9, 4:30 pm ET


EXTON, Pa., May 9 /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq: VPHM - News) today announced that Michel de Rosen, president and chief executive officer of ViroPharma, will present at the Acumen/BioFin Rodman & Renshaw 4th Annual Global Healthcare Conference at 11:20 A.M. ET (5:20 P.M. local time) on Monday, May 14, 2007. The conference is being held at the Le Meridien Beach Plaza Hotel in Monte-Carlo, Monaco.
ADVERTISEMENT


ViroPharma's presentation will be webcast live for investors through www.viropharma.com and available through May 28, 2007.

Thanks a lot for the information La-onda You should write a book on VPHM hehehe

It seems Maribavir's contribution to VPHM's sales and EPS will start only in late 2009, so there's no reason to change the 3 year estimates I have on the valuation model.

But it sure looks like an outstanding long term opportunity and it should help VPHM's earnings multiple to expand. The following highlighted sentence says it all:

«We believe the future potential of Maribavir is being lost in investor concerns over generic Vancocin. Maribavir has the potential to quadruple the sales of Vancocin. The positive phase II data caused us to add Maribavir to our long-term model and forecast $20 million in sales in 2009. We see Maribavir ramping to $255 million in 2011 this should drive substantial profitability.»

Quotehi,
this kind of news usually doesn't effect the stock price much but here it is.
max

Thanks for that news Max

Ok, we're done with the Maribavir issue. What's the next one?

Quote5) I also enjoy that Hepatitis C treatment, currently still in Phase 1, but it looks like a large percentage of the population in the US and Europe has the disease, but doesn't know it.

La-onda, if it isn't much trouble, what do you have on this issue?

Thanks a lot, I'll keep holding VPHM.

Quote from: David Randolph on May 10, 2007, 04:44:10 AM

Ok, we're done with the Maribavir issue. What's the next one?

Quote5) I also enjoy that Hepatitis C treatment, currently still in Phase 1, but it looks like a large percentage of the population in the US and Europe has the disease, but doesn't know it.

La-onda, if it isn't much trouble, what do you have on this issue?
Thanks a lot, I'll keep holding VPHM.

CC quotation:

....invigorated by the strong Phase Ib data, we restarted our preclinical evaluation of next generation inhibitors of hepatitis C with our partners at Wyeth.
....
Third, we will continue to develop our preclinical drug candidates including our next generation hepatitis C work and [anti-CG]. Regarding the latter, expect news on our progress later this year after our interactions with the FDA allowing us to make a go or no go decision.

Motely Fool:
ViroPharma Victorious
By Brian Lawler
May 7, 2007

Last week, drugmaker ViroPharma (Nasdaq: VPHM) announced potent first-quarter financial results and exciting progress with its drug pipeline.
Sales of ViroPharma's only marketed product, the antibiotic Vancocin, rose 68% year over year, thanks to a price increase and strong prescription growth. Diluted earnings per share climbed $0.18 to a total of $0.31 a share, while gross margins remained a whopping 95%.
Meanwhile, ViroPharma remains on track with its development of hepatitis C compound HCV-796. Last month, the company announced very strong phase 1 efficacy results for the drug, although the competition in hepatitis C treatments is heating up as companies like Vertex Pharmaceuticals (Nasdaq: VRTX) and InterMune (Nasdaq: ITMN) make fast progress in the field. ViroPharma expects to announce initial interim data from its phase 2 study with the drug in genotype 1 patients later this year. After a convertible share offering that brought in more than $200 million, ViroPharma is flush with nearly $500 million in cash. Since the company is cash flow-positive, ViroPharma has a moderate treasure chest with which to make acquisitions. ViroPharma's guidance for the year calls for net income in the low $100 million range. Shares are currently trading at just more than twice the company's cash on hand, making ViroPharma's stock cheap in comparison to its peers.
One big question still hangs over ViroPharma: When will the Vancocin generic competition materialize? As time passes and no generic competitors surface, investors seem to be getting more comfortable with shares of ViroPharma, its strong cash flow, and its undervalued share price. Shares are up nearly 15% for the year. That still amounts to barely more than a $1 billion market cap -- not a rich valuation for a company with $200 million a year in sales and a pipeline consisting of a novel mid-stage HCV treatment and late-stage transplant infection treatment. In short, investors unafraid of the potential for generic competitors to Vancocin should take a look at ViroPharma.

Buying VPHM here $15.64

La-onda is the commander and chief of VPHM, so I'm going to ask him just one more:

Quote6) I have great faith on the common cold treatment Glaxo Smithkline bought from VPHM, from which VPHM may receive $65 M and royalties of revenues coming from the drug (the cost of sales of these revenues would be close to zero).

What do you have on this La-onda? (I promise, this is the last one, thanks )

Technically the stock seems to be coming down to close the gap at $15.33, what a drag. Fortunately some of you, like yukiii, are taking advantage of this short term pullback to buy VPHM, so there's some positive use to it.

I want to hold at least one biotech company, and VPHM seems to have the upside potential of a potent pipeline and the safety of a steady flow of profits (coupled with an attractive valuation in terms of earnings multiple). I'll continue holding VPHM.