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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: Rocketman who wrote ()1/5/2000 2:03:00 AM
From: michael_f_murphy  Read Replies (1) of 9719
 
Newbie to SI biotech needs DD homework assignments on LSE:CAT

Have targeted Cambridge Antibody (CAT) on the London Stock Exchange (LSE)as a stock to learn how to do biotech DD.

Why this stock(LSE:CAT)?

What they do (from annual report):
"discover new disease targets through functional genomics and to engineer fully human antibodies as treatments for human diseases."
Sounds like sort of a hybrid company - can they do both well? (Forces me to learn about both!)

General market performance:
1997 IPO then headed steadily down. Flat for 1998.
A year ago it was selling for not much more than cash on hand(1.50 - 2.00GBP)
Mid December 1999 had a secondary offering at 2.85GBP
Now is 6.50GBP.
So, roughly a 3X move off the bottom.
Further potential?
What would be a good price/value point?

Incidental observations:
They seem to have a good balance sheet.
Recent press releases about collaborations with big pharmas = hype or substance?

(A spread of products in development(more fully described in annual report) => how good a pipeline?)

Is this a "leveraged play" business plan? Execution - past and future?

Science people are from Medical Research Council lab in Cambridge UK which holds an interest (As does Vector - a name which I have seen in these threads before.)I don't know the science of biotechnology so I don't know about the caliber of the people or the products. (In fact I don't know how to do this kind research to the level of expertise I've found on SI biotech threads. A big hurdle. But if it were easy ....)

I view the fact that it is a foreign stock as a bit of an extra challenge <g>.

Have posted the start of my data gathering on this thread.

Subject 32516

I invite one and all to come and ask the hard questions required for good biotech DD. I promise to work hard to try to answer them.

Thanks.

--MFM--

Disclosure: I do not now hold a position in and make no recommendation on LSE:CAT.
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