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Biotech / Medical : Texas Biotech (TXB)

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To: sam who wrote (334)	10/4/1997 1:38:00 PM
From: sam	of 834

I have a copy of Elise Wang's report in front of me now. Originally posted at 9/26 at 2:50 p.m. Here is a highlight: INVESTMENT THESIS We are initiating coverage of Texas Biotechnology Corporation (TXB) with a Buy (1) as we believe the company represents an uncommon value opportunity among venture stage, small cap stocks in the biotechnology industry. Unlike many of its peers, TXB has a lead product (NOVASTAN) poised for commercialization (NDA filed in August 1997) and supported by a strong corporate collaborator, SmithKline Beecham. Furthermore, it has a robust pipeline of small molecules with two additional products in clinical development and at least 10 others in earlier stages of development. We are anticipating a number of key events including the announcement of at least one major collaboration and clinical advancement of other products to drive price appreciation in the next 6 to 12 months. Our valuation analysis suggests a present value within a range of $9.00-$11.00 with a 12 month price target of $12.00-$14.00 using a multiple of 30x and a 25-35% discount rate on 2000 estimated EPS of $0.75.

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