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Biotech / Medical : ChiRex (CHRX)
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To: Dick Roy who wrote (26)3/24/1997 9:14:00 PM
From: Haseltine   of 130
 
Sepracor is selling its 3.2 MM shares out of the roughly 10.5 MM total outstanding. The deal was filed over a month ago but hasn't been priced yet. It probably will be priced very soon (like this week?). According to my broker, certain large investors are shorting the stock and driving the price down so they can pick up large blocks of the newly offered shares at bargain basement prices. The volume today was only 20,000 shares, all in very small blocks.

At 9.5 the stock is a screaming buy in my opinion! Once Sepracor's "overhang" stock is distributed, the major uncertainty clouding ChiRex's future stock performance will have been removed. There is little or no downside from what I can see, and the analysts' EPS estimates ($0.65 in '97; ~$1.10 in '98)suggest the stock should trade at or near $20 within the next 12-18 months.
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