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Biotech / Medical : Biotech Valuation

CRSP 55.52

+1.4%

12:38 PM EST

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To: Biomaven who wrote (3368)	4/6/2001 11:09:13 PM
From: Biomaven	Read Replies (1) of 52153

This morning we had the sharpest decoupling from the Nasdaq that I've seen in months. At the end of the day, the BTK was about 3% higher than it would have been had the relationship among it, the DOW, the NASD and the DRG that has been there strongly for the last weeks been maintained. When we get the expected decent earnings out of the major biotechs and pharma this quarter, maybe that will further drive home the lack of connection between dot.com/telecom mania and the biotechs and pharmas. I'm hearing lots of sad stories about dot.com employees that did cash exercise of ISO (and even some NQ) employee options but didn't sell their shares last year. Now they are facing huge tax bills with no money to pay them. (For ISOs, they are getting caught by the AMT. For NQ's their employer should have withheld taxes at the time of exercise but didn't). There are probably a bunch of biotech employees in the same AMT boat. Peter

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