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Biotech / Medical : Biotech Valuation

CRSP 56.87

-2.3%

Dec 5 3:59 PM EST

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To: dalroi who wrote (1182)	6/8/2000 5:44:00 PM
From: Biomaven	Read Replies (1) of 52153

Stefaan, sometimes smart money knows things in advance That certainly is possible. However, historically in PCYC there have always been wild unexplained swings that did not subsequently correlate with good/bad news. I suspect most of these have been institutions lumbering in and out of the stock. This volatility is compounded by the shorts - Sturza (this may not be current) and Avalon both have short recs. on PCYC. Avalon in particular had excruciatingly bad timing on this one, with their "sell" coming on 4/20/00 with the stock in the low 30's. We've had a similar sharp run up over a comparable time frame in another of my holdings - CVTX. Here again no news, and also coming after a sharp decline. Peter P.S. Not that I wouldn't prefer your explanation, of course <g>.

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