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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID
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To: I. Luttichuys who wrote (759)4/26/1997 10:24:00 PM
From: Brad C. Dunlap   of 1762
 
Hi Bennett, with the strong economic data that has been taking place in the economy, money tends to flow into industries that are more sensitive to the economy. In 1991 when biotechs reach such dazzling heights of which was very much a speculative bubble the corporate profits regestered one of the worst years on record since the 1930's. With the success of Amgen and lousy corporate profitability there was a tremendous amount of money that flowed into the biotechs in spite of lousy industry fundamentals. Today is almost the complete opposite in that there is very positive corporate profits that is attracting money away from the biotechs in spite of the much stronger industry fundamentals. With interest rates trending higher and the appearance of a strong economy makes it very tough for the biotechs. Lets hope that interest rates can level off with subdued economic data and then we should see the rotation back into the biotechs.
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