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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (10870)7/7/2000 9:07:52 PM
From: Craig Bartels  Read Replies (1) of 78476
 
I opened a substational position at $21 average a few months ago...I usually don't average up(unless shorting), but this could be an exception to the rule.

CEGE on briefing.com today:

10:49 ET ****** Cell Genesys (CEGE) 31 5/8 +1 3/4: Picking biotech stocks can be a tricky endeavor as many companies are losing money and it is difficult for many average investors to understand the complexities of the science involved. Although Cell Genesys currently has one of the largest patent portfolios in the gene therapy field including more than 230 issued or granted patents and over 320 pending patent applications, Briefing.com continues to like CEGE less for its patent portfolio, but more for its cash position. Briefing.com highlighted this company a month ago in a stock brief. Although the stock is up 27% since then, CEGE continues to offer an inexpensive way to buy Abgenix (ABGX 137 11/16 +7 5/16) which has been a biotech darling. CEGE holds about a 12% stake in Abgenix, which is valued at $665 million, or about $19.71 per CEGE share. Add in CEGE's cash position of approximately $250 million, which when divided by 33.7 mln shares outstanding comes to roughly $7.40 per share in cash. Add the two together and you get $27.11 in cash and l/t marketable securities. In other words, you can buy CEGE's patent portfolio and ongoing operations for just over $4 per share. -- Robert J. Reid, Briefing.com

09:55 ET ******
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