I agreed with your other respondents, great post. I'm not sure, though, that I'd bracket MYGN with Incy and CRA.
It's interesting how the market has reacted. I would place Hgsi, incy, and CRA in descending order of intellectual, but CRA is down the least (18.5%) and INCY is down 27.2% while HGSi is 19.1%. MYGN who have clearly shown function, getting tests to market, is hardly down at all. Perhaps that makes sense in the context of the other three, but not compared to all other the biotechs that are guilty by association. Relative valuations are clearly out of wack, but we are (I am) still left without an
idea concerning absolute value.
Bill and Tony may have done what Alan couldn't: administered a short, sharp, shock. The rest of the week will be interesting. |
