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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 9:30 AM EST

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To: Icebrg who wrote (9281)	10/10/2003 11:09:58 AM
From: Icebrg	Read Replies (1) of 52153

NPSP - Insider sales There has been an impressive activity over the last three months among insiders at NPSP. I have counted 39 Form 4s filed during this period. All concerning disposal as far as I have been able to see. Mind you, not everyone is selling everything. But the message is still there. Management and Directors feel that at current levels it is not wrong to take a profit. I recently bought some shares as the company appears to be very close (in biotech terms) to one or even two product approvals. Amgen have filed for cinacalcet and hope to have the approval within 6 months. And the Preos data so far seem encouraging. But should one go against this constant insider selling? No, I don't think that is advisable. If there are doubts in the minds of managers and directors as far as the potential for further share price appreciation is concerned, I believe retail investors should also be careful. So, I closed my position today with a 20 % profit. I had hoped for more, but as things stand the correct thing seems to be to step over to the other side of the fence. Erik

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