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Biotech / Medical : PRXL - Parexel International
PRXL 88.080.0%Oct 9 5:00 PM EST
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To: Milk who wrote (52)6/25/1999 9:14:00 PM
From: George Sepetjian  Read Replies (1) of 62
 
Getting kicked while down

From today's Moneydaily:

PHYSICIAN, HEAL THYSELF. So-called CROs--clinical
research organizations--were supposed to revolutionize
the way clinical trials get done. Better! Faster!
Cheaper! screamed Wall Street research reports.
Unfortunately, it's not that easy. Running clinical
trials on behalf of Big Pharma is a low-margin,
people-intensive business, and the stocks of most of
the big CROs are languishing well below their hype-
driven highs. Today, the second and third largest
companies in the industry, Parexel [PRXL] and Covance,
called off their merger. Covance [CVD], the healthier
of the two, gained 3 1/2 to 25 1/16, while Parexel
slid another 23% on top of yesterday's 21% drop. After
the bye-bye was public, Covance said it would meet
earnings expectations; Parexel said it wouldn't. What
a shock.
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