Endocyte, Inc.

(NASDAQ: ECYT)
May 31, 2017

Analyst Consensus About Endocyte, Inc.

Rating1 Endocyte, Inc., a biopharmaceutical company, develops targeted therapies for the treatment of cancer and inflam-
matory diseases in the United States. The company uses its technology to create novel small molecule drug
conjugates (SMDCs) and companion imaging agents. It is developing Vintafolide, a SMDC that is in Phase IIb
clinical trial to treat non-small cell lung cancer; EC1456, which is in Phase I dose escalation trial for the treatment
of advanced solid tumors; and EC1169, a tubulysin therapeutic that is in Phase I dose escalation trial to treat
advanced metastatic castration-resistant prostate cancer. The companys products in pre-clinical development
include EC2629, a folate receptor-targeted SMDC for use in treating cancer; EC2319 for the treatment of inflam-
matory diseases; EC0371 for treating polycystic kidney disease; and SMDC bi-specific adaptor chimeric antigen
receptor T-cell for the treatment of immunotherapy in cancer. Endocyte, Inc. has a collaboration agreement with
Purdue Research Foundation; Master License Agreement with Purdue Research Foundation; Merck Sharp &
Dohme Research GmbH; and Nihon Medi-Physic Co., LTD. The company was founded in 1995 and is headquar-
tered in West Lafayette, Indiana.

Overview Key Data

Sector Healthcare Last Trade $2.73
Industry Biotechnology Price Range (52 week) 1.98 - 4.15
Full Time Employees 76 Avg Volume (13 Week) 370,484

Contents IPO Year N/A Shares Outstanding

Mkt Cap
42,470,000
$115,950,000
Enterprise Value N/A
Book Value per Share $2.98
1. Overview
Dividend Yield --

2. Technical Data

3. Key Ratios

4. Earnings & Analyst

5.6. Financial Statements
7. Company Insiders
8. Disclaimer
Highlights & Recent Developments
On May 26, 2017, Endocyte, Inc., a leader in developing targeted small molecule
drug conjugates (SMDCs) and companion imaging agents for personalized therapy,
announced that two posters will be presented on its lead, clinical-stage assets,
EC1456 and EC1169, at the 2017 American Society of Clinical Oncology (ASCO) An-
nual Meeting being held June 2 - 6, 2017, in Chicago.

Updated data will be presented on EC1456-01, a two part phase 1 dose escalation
(Part A) and expansion (Part B) study. The presentation includes data for 87 Part
A treated patients with advanced solid tumors and 6 Part B treated patients with
FR-positive non-small cell lung cancer (NSCLC) as of the data cutoff on May 18,
2017. All patients were imaged to assess folate receptor expression with 99mTc-
etarfolatide (FR expression not an eligibility criteria for Part A). Preliminary data
from our first patient enrolled in the EC1456 ovarian surgical study, EC1456-02,
will also be presented.

1
Analyst Consensus Rating based on publicly Page 1 of 7 2017 Research Driven Investing.
reported third party data. See disclaimer. All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Technical Data
Price Information
52 Week Low 1.98
52 Week High 4.15
50 Day Moving Average $2.41
200 Day Moving Average $2.46
Average Daily Volume (13Wk) 370,484

Support / Resistance
Type Value Confluence
resist. 2.9 2
resist. 2.83 2
resist. 2.79 5
supp 2.64 10
supp 2.56 14
supp 2.47 5
supp 2.37 5
supp 2.24 6
supp 2.19 6

Technical Signals Indicator Signal Strength Direction

Composite Indicator Trend Spotter Buy Average Strongest
7 Day Average Directional Indicator Buy Average Strongest
10 - 8 Day Moving Average Hilo Channel Buy Minimum Strongest
Short-Term Indicators 20 Day Moving Average vs Price Buy Weak Strongest
20 - 50 Day MACD Oscillator Buy Average Strongest
20 Day Bollinger Bands Hold Bullish
40 Day Commodity Channel Index Buy Minimum Strongest
50 Day Moving Average vs Price Buy Minimum Strongest
Medium-Term Indicators
20 - 100 Day MACD Oscillator Buy Weak Strongest
50 Day Parabolic Time/Price Sell Weak Weakest
60 Day Commodity Channel Index Buy Weak Strongest
Long-Term Indicators 100 Day Moving Average vs Price Buy Average Strongest
50 - 100 Day MACD Oscillator Buy Minimum Average

Page 2 of 7 2017 Research Driven Investing.

All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Key Statistics & Ratios

Valuation Ratios
Company Industry Sector
P/E Ratio (TTM) 0.00 142.43 17.21
P/E High - Last 5 Yrs. 48.11 239.86 42.29
P/E Low - Last 5 Yrs. 48.11 84.19 22.93
Beta 1.80 0.97 0.86
Price to Sales (TTM) 1498.61 102.14 5.08
Price to Book (MRQ) 0.83 14.29 4.99
Price to Tangible Book (MRQ) 0.83 15.42 9.09
Price to Cash Flow (TTM) 0.00 94.47 10.87
Price to Free Cash Flow (TTM) N/A N/A N/A
% Owned Institutions 51.4% 12.5% 1.0%

Growth Rates
Company Industry Sector
Sales (MRQ) vs Qtr. 1 Yr. Ago 0.0% 407.1% 11.4%
Sales (TTM) vs TTM 1 Yr. Ago 0.0% 106.1% 7.5%
Sales - 5 Yr. Growth Rate -18.2% 21.3% 10.1%
EPS (MRQ) vs Qtr. 1 Yr. Ago -12.3% -23.6% -267.1%
EPS (TTM) vs TTM 1 Yr. Ago -10.5% 0.0% 0.0%
EPS - 5 Yr. Growth Rate 0.0% 8.0% 10.9%
Capital Spending - 5 Yr. Growth 24.9% 16.7% 12.7%
Rate
Management Effectiveness
Financial Strength Company Industry Sector
Company Industry Sector Return On Assets (TTM) -30.1% -5.9% -18.9%
Quick Ratio (MRQ) 0.00 2.76 2.47 Return On Assets - 5 Yr. Avg. -12.7% -2.1% 11.6%
Current Ratio (MRQ) 26.32 6.31 3.41 Return On Investment (TTM) -31.0% -9.0% -5.0%
LT Debt to Equity (MRQ) 0.00 22.25 12.20 Return On Investment - 5 Yr Avg -15.3% -0.3% 15.2%
Total Debt to Equity (MRQ) 0.00 31.64 19.51 Return On Equity (TTM) -31.2% -11.8% -4.2%
Interest Coverage (TTM) 0.00 4.33 39.85 Return On Equity - 5 Yr. Avg. -16.7% 2.5% 16.5%

Profitability Efficiency
Company Industry Sector Company Industry Sector
Gross Margin (TTM) 0.0% 28.8% 55.3% Revenue/Employee (TTM) 921 9,086,207
Gross Margin - 5 Yr. Avg. 0.0% 49.1% 52.2% Net Income/Employee (TTM) -595,045 -1,664,376 -95,325,181
EBITD Margin (TTM) -64525.5% 0.0% 0.0% Receivable Turnover (TTM) 27.29 6.77 5.91
EBITD - 5 Yr. Avg. -66.1% -331.4% 0.0% Inventory Turnover (TTM) 0.00 5.95 3.62
Operating Margin (TTM) -65869.6% -639.1% -4.1% Asset Turnover (TTM) 0.00 0.54 0.92
Operating Margin - 5 Yr. Avg. -68.3% -350.2% 9.9%
Pre-Tax Margin (TTM) -64604.9% -652.2% -3.9%
Dividends
Company Industry Sector
Pre-Tax Margin - 5 Yr. Avg. -67.6% -353.4% 10.3%
Dividend Yield 0.0% 0.5% 1.5%
Net Profit Margin (TTM) -64604.9% -653.4% -7.6%
Dividend Yield - 5 Year Avg. 0.0% 0.4% 0.8%
Net Profit Margin - 5 Yr. Avg. -67.6% -355.7% 6.6%
Dividend 5 Year Growth Rate 0.0% 4.2% 3.8%
Effective Tax Rate (TTM) 0.0% 20.7% 13.2%
Payout Ratio (TTM) 0.0% 75.5% 15.1%
Effective Tax Rate - 5 Yr. Avg. 0.0% 18.6% 23.9%

Page 3 of 7 2017 Research Driven Investing.

All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Earnings & Analyst Data

EPS Estimates Dividend Payments
# of Ests. Mean Est. High Est. Low Est. Dividend Ex-dividend Date Payable
Quarter Ending Jun-17 3 -$0.29 -$0.27 -$0.31 Amount Date
Quarter Ending Sep-17 3 -$0.30 -$0.28 -$0.34
Year Ending Dec-17 3 -$1.20 -$1.11 -$1.29
Year Ending Dec-18 3 -$1.20 -$0.85 -$1.60

EPS Historical Surprises

Estimates Actual Difference Surprise %

Analyst Recommendation Summary

1-5 Linear Scale Current 1 Month Ago 2 Months 3 Months
Month Ago Ago
(1) BUY 1 1 1 1
(2) OUTPERFORM 1 1 3 3
(3) HOLD 1 1 1 1
(4) UNDERPERFORM 0 0 0 0
(5) SELL 0 0 0 0
Mean Rating 2.00 2.00 2.00 2.00
Current Consensus Outperform

Analyst Upgrades & Downgrades

Page 4 of 7 2017 Research Driven Investing.

All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Income Statement Annual Quarterly

Period Ending 31-Dec-16 31-Dec-15 31-Dec-14
Total Revenue -- -- -- -- -- -- --
Cost of Revenue -- -- -- -- -- -- --
Gross Income -- -- -- -- -- -- --
Research and Development -- -- -- -- -- -- --
Selling General and Administrative -- -- -- -- -- -- --
Non Recurring -- -- -- -- -- -- --
Others -- -- -- -- -- -- --
Total Operating Expenses -- -- -- -- -- -- --
Operating Income or Loss -- -- -- -- -- -- --
Total Other Income(Expenses) Net -- -- -- -- -- -- --
Earnings Before Interest And Taxes -- -- -- -- -- -- --
Interest Expense -- -- -- -- -- -- --
Income Tax Expense -- -- -- -- -- -- --
Net Income From Continuing Ops -- -- -- -- -- -- --
Other Items not from Continuing Operations -- -- -- -- -- -- --
Net Income attributable to the Company -- -- -- -- -- -- --
Preferred Stock And Other Adjustments -- -- -- -- -- -- --
Net Income Applicable To Common Shares -- -- -- -- -- -- --

Cash Flow Statement Annual Quarterly

Period Ending 31-Dec-16 31-Dec-15 31-Dec-14
Net Income (44) (41) 5 -- -- -- --

Operating Activities
Depreciation 1 2 2 -- -- -- --
Adjustments To Net Income 9 7 8 -- -- -- --
Changes In Accounts Receivables 0 1 5 -- -- -- --
Changes In Liabilities (1) (1) (66) -- -- -- --
Changes In Inventories -- -- -- -- -- -- --
Changes In Other Operating Activities (1) (0) 3 -- -- -- --
Total Cash Flow From Operating Activities (35) (32) (42) -- -- -- --
Investing Activities
Capital Expenditures (1) (0) (2) -- -- -- --
Investments 51 2 (67) -- -- -- --
Other Cash flows from Investing Activities -- -- 0 -- -- -- --
Total Cash Flows From Investing Activities 50 1 (69) -- -- -- --

Financing Activities
Dividends Paid -- -- -- -- -- -- --
Sale Purchase of Stock 0 1 103 -- -- -- --
Net Borrowings -- -- -- -- -- -- --
Other Cash Flows from Financing Activities -- -- -- -- -- -- --
Total Cash Flows From Financing Activities 0 1 103 -- -- -- --
Effect Of Exchange Rate Changes -- (0) (0) -- -- -- --
Other Liabilities -- -- -- - - - -

Page 5 of 7 2017 Research Driven Investing.

All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Company Insiders

Company Officers
Name Age Since Current Position Basic Compensation Options Options Value
John Aplin 69 2011 Independent Chairman of the Board -- -- --
Michael Sherman 50 2017 President, Chief Executive Officer, Director $919,298 -- --
Michael Andriole 44 2017 Chief Financial Officer -- -- --
Philip Low 67 1998 Chief Science Officer, Director $496,005 -- --
Michael Brinkley 51 2013 Vice President - Quality -- -- --
Christopher Leamon 49 2000 Vice President - Research $863,076 -- --
P. David Mozley 2015 Vice President - Imaging -- -- --
Katherine K. Parker 50 2015 Vice President of Human Resources -- -- --
Beth Taylor 49 2011 Corporate Controller -- -- --
Cooper Russell 55 2013 Director -- -- --
Keith Brauer 66 2006 Independent Director -- -- --
Colin Goddard 56 2013 Independent Director -- -- --
Ann Hanham 65 2004 Independent Director -- -- --
Marc Kozin 53 2012 Independent Director -- -- --
Peter Meldrum 68 2012 Independent Director -- -- --

Insider Transactions
Trading Date Name Title Type Shares Traded Price
3 May 2017 Kozin (Marc D) Director Buy 3300 $0.00
3 May 2017 Meldrum (Peter Durkee) Director Buy 3300 $0.00
3 May 2017 Aplin (John C) Director Buy 3300 $0.00
3 May 2017 Goddard (Colin) Director Buy 3300 $0.00
3 May 2017 Russell (Lesley) Director Buy 3300 $0.00
3 May 2017 Hanham (Ann F) Director Buy 3300 $0.00
3 May 2017 Middleton (Frederick A) Director Buy 3300 $0.00
19 Feb 2017 Andriole (Michael T.) Chief Financial Officer Buy 50000 $0.00
5 Feb 2017 Leamon (Christopher P) Officer Sell 694 $2.18
5 Feb 2017 Brinkley Michael A Officer Sell 578 $2.18
5 Feb 2017 Low (Philip S) Officer and Director Sell 694 $2.18
5 Feb 2017 Sherman Michael A Chief Executive Officer Sell 692 $2.18
3 Feb 2017 Sherman Michael A Chief Executive Officer Sell 3092 $2.18
3 Feb 2017 Low (Philip S) Officer and Director Sell 1888 $2.18
3 Feb 2017 Armour (Alison A) Officer Sell 935 $2.18
3 Feb 2017 Brinkley Michael A Officer Sell 1079 $2.18
3 Feb 2017 Leamon (Christopher P) Officer Sell 1888 $2.18
1 Feb 2017 Brinkley Michael A Officer Buy 10000 $0.00
1 Feb 2017 Low (Philip S) Officer and Director Buy 17500 $0.00
1 Feb 2017 Leamon (Christopher P) Officer Buy 17500 $0.00

Page 6 of 7 2017 Research Driven Investing.

All rights reserved.
 Endocyte, Inc.
(NASDAQ: ECYT)
May 31, 2017

Disclaimer

This report is provided for general information purposes only. The information contained in this report is not to
be construed as advice and should not be confused as any sort of advice. Information has been obtained from
sources considered to be reliable, but we do not guarantee the information is accurate, correct, complete, or
timely or make any warranties regarding results from its usage. Past performance is not a guarantee of future re-
sults. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. Redis-
tribution or reproduction is prohibited without written permission.

Research Driven Investing / RDInvesting.com (hereafter RDI) is an online financial newsletter focused on coverage of
small-cap and large-cap public companies. RDI is not a registered broker dealer or a registered investment advisor. No
information accessed through the RDI Web site or this report constitutes a recommendation or solicitation to buy, sell or
hold any security in any jurisdiction.

All bullish, bearish, neutral or other analyst ratings are based on publically available third party analyst ratings. Specifical-
ly, both the Analyst Consensus Rating and Current Analyst Consensus Data are directly based on information published
by money.msn.com.

RDI receives compensation from third party organizations for advertising services provided in the form of email newslet-
ters. RDI and its affiliates, officers, directors and agents have been compensated for featured company coverage and
therefore information should not be construed as unbiased.

RDI and its outside sources use certain data derived from the U.S. Securities and Exchange Commission (SEC) filings,
public information and data compiled by other vendors. The reader should verify all claims and do his/her own research
and due diligence before investing in any securities mentioned. Visitors to www.rdinvesting.com , readers of RDI s distrib-
uted reports/releases/advertisements, and other interested parties assume full responsibility for the accuracy of all SEC
filing data, compiled data from other sources including data from the issuing Company, and are urged to confirm that data
with the specific issuing Company. RDI will not be liable to any person or entity for the quality, accuracy, completeness,
reliability or timeliness of information in this report, or for any direct, indirect, consequential, incidental, special or punitive
damages that may arise out of the use of information, products or services from any person or entity including but not
limited to lost profits, loss of opportunities, trading losses, and damages that may result from any incompleteness or inac-
curacy in the profiled company information RDI and its data vendors do not assume any responsibility or liability for any
investor decision made as a result of accessing fundamental and/or financial data on any profiled company as a conse-
quence of viewing our materials. RDI encourages its readers and visitors to its website to invest carefully and read the
investor information available on the web sites of the Securities and Exchange Commission (SEC) at www.sec.gov and/
or the National Association of Securities Dealers (NASD) at www.nasd.com. Investors interested in purchasing securities
are advised to read the Prospectus, 10K, 10Q, other relevant public documents in full, request Company financial informa-
tion and to conduct their own research and due diligence.

Statements made in this release may include projections, made in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. RDI has made every reasonable effort to ensure that the information and as-
sumptions on which these statements and projections are based are current, reasonable, and complete. However, a vari-
ety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations
expressed in this release. RDI makes these statements and projections in good faith, neither RDI nor its management can
guarantee that the transactions will be consummated or that anticipated future results will be achieved.

Page 7 of 7 2017 Research Driven Investing.

All rights reserved.