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Biotech / Medical : Biotech Valuation

CRSP 56.87

-2.3%

Dec 5 9:30 AM EST

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To: Biomaven who wrote (9068)	9/9/2003 10:11:25 AM
From: Biomaven	of 52153

After this year's (and in particular yesterday's dramatic) biotech performance it's worth looking a the big picture - and one angle on this is the ratio of the BTK index to the DRG index. This ratio is now 1.54, up from a low of close to 1.0 in early July 2002. (We had a more recent low of 1.28 in July of this year). But the ratio is a long way from the all-time high of 2.6 in March 2000 during the bubble. (In April of 2000 it was back under 1.1) The current levels are very similar to what they were for much of 2001, so there is no indication of bubble-like behavior yet. We are up from 2002 levels, but these were significantly lower than 2000 and 2001 levels. From a longer-term perspective though, biotechs have had a tremendous run - this ratio was only .4 in the depths of the 98 biotech struggles. Peter

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