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Biotech / Medical : Biotech Valuation

CRSP 54.55

-3.6%

3:27 PM EST

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To: jeffbas who wrote (733)	3/1/2000 9:37:00 PM
From: Biomaven	Read Replies (1) of 52153

jeffrey, Right now we are in a frenzy. As I've been saying for a few months now, one has to let go (at least to some extent) of attempts at objective valuation and for now go with the stocks with appealing news flow. Obviously this is uncomfortable for a "value" oriented investor. However the "value" investors in internet land are now all dead and buried in only their shorts. Seems like biotech is now following firmly in the internet pathway. At some point reality will return - nobody knows when. Until then, you have to look at a stock like GZMO as a probabilistic function of news flow. Is there any news likely in the next months that could cause its (relative) price to halve from here? I don't think so. To double or triple? Not very likely, but certainly possible on a number of fronts. (Think of some luscious SAGE news or ATIII news). On this basis, GZMO is still cheap. <g> (The above is only very slightly tongue-in-cheek). Peter

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