Stephen Ayers on Muck Rack

Stephen Ayers

Chicago
As seen in: Seeking Alpha, MSN, Yahoo Finance, Yahoo Finance Australia, Yahoo Finance Canada, Yahoo Finance Singapore, Flipboard, NewsBreak, Insider Media, East London and West Essex Guardian Series, TipRanks and
MBA | Seeking Alpha analyst | Bullying survivor | Biotech deep dives ↓
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Articles

Structure Therapeutics: My Top Small-Cap Pick For The Obesity Market (Upgrade)

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By Stephen Ayers
| Seeking Alpha
Summary Structure Therapeutics advances aleniglipron, a potential best-in-class oral GLP-1, into Phase 3 for obesity, supported by strong Phase 2b data. GPCR’s $1.5B cash position and a projected cash runway through 2028 underpin its ability to execute pivotal trials and commercial plans. My SOTP analysis yields a fair value of $42.49/share, with aleniglipron’s risk-adjusted NPV at $1.34B and pipeline assets included at no additional cost.
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Fastly: High Expectations Still Priced In Despite Pullback

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By Stephen Ayers
| Seeking Alpha
Jun 10, 2026, 10:30 PM ET Summary Fastly is undergoing a transformation, leveraging its security suite to drive margin expansion and consistent non-GAAP profitability. Security revenue grew 47% YoY in Q1 but remains a small portion of total revenue; long-term growth is expected to moderate. My DCF analysis shows FSLY is priced for aggressive assumptions, with significant reliance on terminal value and optimistic margin expansion.
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Phathom: Why I'm Downgrading To "Sell" Ahead Of Competition

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By Stephen Ayers
| Seeking Alpha
Jun 09, 2026, 12:37 PM ET Summary Phathom Pharmaceuticals, Inc. is downgraded to Sell due to concerns over growth sustainability, competition, and terminal value assumptions. Q1 sequential revenue growth was flat, raising doubts about Voquezna's adoption beyond early specialists despite management's optimism for future cash generation. Competition from Sebela’s tegoprazan threatens Voquezna’s pricing power and market share, challenging PHAT’s ability to achieve mid-teens FCF margins.
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