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Biotech / Medical : Biotech Valuation
CRSP 50.19+1.8%Nov 21 9:30 AM EST
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To: jbkelle who wrote (4010)6/6/2001 8:56:15 AM
From: Biomaven  Read Replies (2) of 52153
 
jbk,

<<ENZ>>

I'm afraid I don't follow ENZ. My only contact with it was a brief one a long time back when I bought some by mistake intending to buy ENZN. <g> (I would have done better sticking with ENZ instead of correcting my error).

However, I have been playing around again recently with my own homegrown attempt at "technical analysis." This attempts to tease out what portion of a stock's move is attributable to general moves in other biotech stocks and what portion is "local" to the stock itself. (For the technically minded, I'm using singular value decomposition in Matlab to extract a limited number of principle components and then recreating the stock prices using just these components.)

Bottom line is that ENZ and CELG stand out from every other stock in my universe (about 125 biotechs and pharma) over the last few months as showing consistent and steady overperformance. Some other stocks that stick out (but not to the same extent) are IDPH, MOGN, REGN, XOMA and AVIR.

Note that this is purely a retrospective analysis. I haven't done any back testing to see if such a pattern of strength is predictive. However it does indicate that something interesting is happening with these stocks.

Peter
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