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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: Short A. Few who wrote (940)7/13/2000 9:31:04 PM
From: Ian@SI  Read Replies (1) of 1321
 
Possible, but I doubt that that was the prime cause. The downgrade didn't come out until well after the selloff had picked up a full head of steam.

And also today, CIBC reiterated its strong buy:

QLT Photother. QLTI CIBC Wrld Mkts Strong Buy $85

There were similar magnitude moves by other biotech leaders. I still stick by my WAG that some turkey has made a sector call and scared a few fund managers.

Or given that summer vacations are coming up, it could be that the fund managers needed some 'soft dollar kickbacks' to help defray those costs. Thus the extra churning of their holdings.
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