QLT PhotoTherapeutics (QLTI) Message Board

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Biotech / Medical : QLT PhotoTherapeutics (QLTI)

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To: Ian@SI who wrote (1097)	10/18/2000 2:06:46 AM
From: Garth Richmond	Read Replies (1) of 1321

Ian and others, It may interest you to know (if you don't already) that our fine friends at Leerink and Swann are in fact a MARKET MAKER for QLTI. Can you say "CONFLICT OF INTEREST"? I have BIG suspicions when a market maker produces a piece of (ahem) research on a company for which they make a market. Who do they care more about, themselves and their MM business, or the poor suckers who read their report? I'd say it is pretty likely they just wanted to increase their inventory of stock (possibly they though it was their last chance before earnings came out), so they put out the worrisome report, and then loaded up on cheap stock. Their ridiculous excuse for a "question" further exposes their agenda. Why did they not ask QLT's executives about the penetration rates they saw in the 4th poll? Probably because the answer would have made it obvious that QLT/Novartis were seeing a very different picture than Leerink's little straw-poll. More likely, the reason is that Leerink now has a full inventory of QLTI for trading, and it is no longer in their financial interest to drive the stock down. Garth.

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