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Biotech / Medical : Biotech vs. Shorts
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To: Biomaven who wrote (49)7/29/1999 1:44:00 PM
From: Harold Engstrom  Read Replies (2) of 427
 
Peter, it seems incredible that some of my favorite biotechs are heavily shorted: BGEN, CLTR, BCHE, etc... I own Biogen and Coulter shares and am surprised particularly by the CLTR short position: it seems sure to take off as the company is set to begin making real money in a few months when Bexxar is approved. Biogen has seen a pretty nice run, so that is not as surprising that a short position is established, but the size is larger that I would have expected.

Genzyme is a solid company, but a very slow grower and, while it is a biotech company, is laden with 1.a surgical product division that shows up as a big asset on the balance sheet but contributes little to the bottom line and 2. financing the spin-offs while they make their long way to profitability (hopefully). A large short position here doesn't surprise me.

The short positions in so many promising smaller biotechs is nuts.

Thanks for starting this thread and putting such interesting stuff here.

Harold
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