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Biotech / Medical : Biotech Valuation
CRSP 56.61-0.6%3:59 PM EST
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To: Biomaven who wrote ()2/16/2000 10:56:00 PM
From: John Metcalf  Read Replies (4) of 52153
 
They're playing this old song backwards:

"They used to buy her diamonds and pearls,
and now she can't give it away."

James Cramer's getting up a rotisserie league of mainly big biotechs,
carefully chosen from his list of the only biotechs he has ever heard of.

Comparison of ^BTK (AMEX Biotech) and ^DRG (Philly Pharmaceuticals):

^BTK ^DRG
2/16/00 605.67 339.71
52 wk low 171.24 332.31
52 wk high 605.67 424.94
200 dma 287.28 363.95
vs. 200 dma 111% -7%
25 dma 474.86 354.52
5 dma 541.46 340.40
YTD 55% -3%
adv.days in '00 23 17 (32 trading days)
1999 change 111% -10%
since mkt low 480% 12% (8/31/98 -- Russian Default)

Question: With what will the big pharmas buy biotech companies?
Relative cost of ^BTK stocks has quadrupled over big pharmas in a year.

Biotechs lead the indices today. Was there ever a day like this?
(Excluding tomorrow, of course.)

2/16/00
Sector Indices
From CBSMarketwatch % change

$BTK BIOTECH (AMEX) 12.3
$IXBT BIOTECH (NASDAQ) 8.2
$GOX GOLD (CBOE) 2.5
$NWX NETWORKING (AMEX) 2
$CWX COMPUTER SOFTWARE (CBOE) 1.9
$XAL AIRLINE (AMEX) 1.7
$GSV COMPUTER SERVICES GOLDMAN/SACHS 1.4
$GIP NETWORKING MULTIMEDIA (GOLDMAN/SACHS) 1.4
$XOI OIL (AMEX) 1.3
$OIX OIL (CBOE) 1.1
$PSE TECHNOLOGY (PSE) 1

Nothing else up 1%.
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