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Biotech / Medical : Biotech Valuation
CRSP 56.61-0.6%3:59 PM EST

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To: jeffbas who wrote (685)2/21/2000 4:35:00 PM
From: Torben Noerup Nielsen  Read Replies (1) of 52153
 
Jeffrey,

>The Prudential target of $25 is not exactly awe-inspiring

Did you read the report carefully? If not, I would suggest you do so. Do it with a calculator/spreadsheet handy so that you can check their numbers. And please pay particular attention to an apparent disparity between the textual statements and the numbers used for the calculations.

I gather that companies usually get the chance to proofread and comment on these research reports before they go out. I'm also led to understand that in this case, they were not given such an opportunity.

I find the whole report somewhat colored. The particular color I had in mind is one commonly associated with a certain Queen Isabella. It seems ever so fitting considering the origin.

I would really appreciate other people's take on the report; I may be reading too much into it. I find it interesting because they seem to do a nice job on the writing, but a lousy job on the numbers. It's almost as if someone was trying to exert a bit of influence in one particular direction. But I'm sure that Prudential has far too much integrity to let themselves be used in such a fashion.

Thanks, Torben
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