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Biotech / Medical : Human Genome Sciences, Inc. (HGSI)
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To: Rocketman who wrote (75)3/4/1997 8:46:00 PM
From: Boyce Burge   of 1127
 
It seems to me the market is uneasy about valuation of both HGSI and INCY, but since INCY announced a major new partnership last week (with BMS) things have solidified for them. The problem is that there isn't a very direct line between finding a gene and selling a drug, and so until one of HGSI genes proves itself as a drug, there will be major doubts. As you poineed out, INCY has revenues and so investors can look at them directly and just look at possible royalties as gravy in the sky.

There are also tens of small new (private) companies with genome based schemes, many of them very clever, that trade off this pool of newly sequenced genes. One, called Lexicon Genetics in Texas, is planning to make a knock-out mouse corresponding to every important gene (many thousand are planned) and provide these mice as "reagents" to big and little pharma. All this activity is very important and will have value, but its almost impossible to pick winners among the smaller companies with any certainty...thats why the biotech index BTK lags the drug index DRG this year, and most years.

Nonetheless its fun to watch from the sidelines; but dont get too attached to any one horse.... the race itself is the important thing.
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