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Biotech / Medical : Cambridge Antibody Technology Group
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To: Jongmans who wrote ()2/21/2000 7:57:00 AM
From: paradigm7241  Read Replies (1) of 625
 
7:30 AM EST. Morphosys at 310.00 USD (+23.6%) , CAT at 25.8 USD (-3.7%).

CAT's market cap is 27.32 million shares x 25.8 USD = 704.85 million USD

Morphosys' market cap is 17.15 million shares x 310 USD = 5.3 billion USD.

My personal opinion for the relative lack of interest in CAT stems from the market in which it trades. The UK biotech industry is still haunted by the British Biotech scandal. This probably keeps foreign investment to a minimum, especially since CAT's PR is quite poor and they don't have an ADR. From what I hear from sources in the UK, the British are also timid about investing in the stock market and prefer the safer bond route. When you combine these two factors together it might explain the now massive divergence between evaluations of these companies. Unless I am missing something in my evaluation of CAT (I am still waiting for someone to bring something forward) then CAT is a huge steal at these levels COMPARED to the competition. Actually, CAT holds the strongest patent position in the phage display sector, having settled their problems in the US and holding broad patents in Europe. They also have a good chance of winning a patent infringement claim against Morphosys in Germany. Certainly, all this litigation must be contributing to CAT's RELATIVE sluggishness but I can't imagine it's the whole story. Morphosys with a 5 billion dollar US market cap is in my opinion a huge over valuation at this time.
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