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Biotech / Medical : Biomatrix (BXM) Looking Great
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To: Dick Richardson who wrote (516)7/21/1999 7:53:00 AM
From: James Baker  Read Replies (2) of 569
 
Dick, there were opening gaps on both Monday 3 points and Tuesday 1 point. These represent strong BUYING pressure in large amounts to result in the imbalance that delays the opening and then results in the gap up.
Unfortunately for the longs in this stock there are many that like to shout it down. Many are short and hope to profit. Others just don't want to believe the story of success. I think the buying was exhausted by the action Monday and early Tuesday morning and without any buyers willing to step in the sellers quickly drove down the stock price.
I look at the fundamentals. Product sales doubled and EPS tripled from 5 to 15 cents NOT counting the $7 million milestone payment. some day I believe this progress will be justly rewarded. Getting another product or two in the market will start to stablize this stock I believe. Anti-adhesion and incontinence applications are in the works.
As for yesterday's trading. Look at LUCENT. A great company with great earnings reported and the stock DOWN 6 points on profit taking.
When I like what the company is doing in regard to research and earnings growth I look at these sharp sell offs as buying opportunities. I am a patient long term investor. I'll let the hot shots try to time the market.
Jim
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