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Biotech / Medical : biocircuits BIOC

BIOC 0.435

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Oct 24 5:00 PM EST

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To: trevor john wilkinson who wrote ()	5/24/1997 5:01:00 AM
From: r. peter Dale	of 65

I've downloaded the Vickers insiders trading chronology: I. There have been 40 purchases and 13 sales by insiders since 3/4/96. The purchases cover ~6.5 mil. shares, the sells ~6.2 mil shares. II. Many of these transactions are classified as 'indirect', that is shares were held by a family member, trustee, etc. There were also numerous odd lot purchases by various 'Sanderling' management groups; I'd like to learn more about them since they're insiders. III. On 4/14/97 there were 16 'purchases' and no sells. Eight involved exactly 302,258 shares (all indirect), 6 invloved 198,116 shares (5 indirect), and 2 of 104,142 shares (1 indirect). How are these transactions to be interpreted? My take is that we should be cautious in assuming that insiders went to the open market to purchase shares based on knowledge of upcoming business activity. Many of the 'purchases' MAY have been passage of shares between family or board members for tax/estate purposes. But this not my field and I would appreciate some help in translating this activity. Peter.

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