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Biotech / Medical : Biotech Valuation

CRSP 51.22

+2.1%

3:59 PM EST

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To: Torben Noerup Nielsen who wrote (1131)	5/24/2000 11:37:00 AM
From: Biomaven	Read Replies (2) of 52153

So in this negative overall environment, ASCO ended up being viewed as a selling op. (My recollection is that's what happened last year as well). What this means is that moderate news is not going to drive the biotechs higher right now. I also suspect we're not quite done with some of the Soros selling - I've seen some sharp dips in some of the Soros stocks recently - e.g., today in IGEN and SEPR. Well if news flow isn't helping, and institutions are selling, what's an investor to do? Personally, I'm starting to tentatively buy some individual dips. I've reluctantly been dribbling out bits and pieces of various holdings to keep my overall exposure constant. It's smart to remain conservative in this environment, given that confidence is shaky enough that a further drop could easily happen. This morning I bought the SEPR and IGEN dips. Also bought some SGP - smart deal with MRK. There are now good values to be found in the biotech sector - something it was hard to say a few months back. However, I'd still be cautious on the lower tiers for a bit longer - these tend to lag in recovering. Peter

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