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Biotech / Medical : Biotech Valuation

CRSP 54.58

-1.0%

3:59 PM EST

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To: LLCF who wrote (478)	12/27/1999 10:35:00 PM
From: Biomaven	Read Replies (2) of 52153

Well it's dinner time: "COME AND GET IT!" Oh, and no need to worry about us - we've eaten already. <g> Seriously, in this environment you particularly want to own stocks that have frequent "good news" announcements. With more than 20 chromosomes to go, the genome stocks clearly fall into this category. Similarly, the MAb stocks like ABGX and MEDX with lots of partners can come up with a tidbit every few weeks. I suspect the "new owners" won't have much patience, so the traditional multi-year waits between phases just aren't going to cut it. At some point these people are going to figure out that CRA is a long, long way from a product but it could conceivably take a year or two for this to sink in. So when is the party going to stop? Wish I knew! We're apparently not in Kansas anymore, and rational projections (to the extent they were ever possible in biotech) are no longer the driver. Never dreamt I was going to end up as a part-time tulip farmer, though. Peter

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