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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: Bhag Karamchandani who wrote (720)5/10/1997 8:01:00 PM
From: Brad C. Dunlap   of 6136
 
Hi Bhag, I assume your question is " how is it that AGPH short position remains sustained, when all news in the public domain remains positive as far as one can tell, and the stock performance has been weak"? From a technical side agph made one hec of a run in the past year and this retracement is very normal for a stock that was technically over extended especially on the long term chart. Couple this with a weak biotech envirenment that is competing intensely for dollars that has shifted to some of the industries and companies that are benefiting from the stronger economy. What stands out in my mind is 1991 when corporate profitability was one of the worst on record since the great depression and the biotechs that were led by amgen went to incredible heights. IMO money turned to the biotechs because of amgen and the lack of competition from other industries. I don't have to tell this board but the biotech industry fundamentals in 1991 are no where as attractive as they are today. I suspect that in the long term if agph lives up to the bulls expectations that this sharp retracement from the 100's to the 60's will look like any normal retracement similar to the long term rewarding stocks of the past. Of course if the expectations are not achieved then the shorts will look awfully smart.
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