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Biotech / Medical : Biotech Valuation

CRSP 56.87

-2.2%

3:59 PM EST

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To: Miljenko Zuanic who wrote (4576)	8/30/2001 3:01:53 PM
From: Biomaven	Read Replies (1) of 52153

This last week has marked one of the strongest decouplings of the biotech from the NASD in a few months. It's impossible to overstate how much these macro trends influence individual biotech stock prices (at least for the larger cap stocks). Over the last month or so the following stocks were most closely linked to the BTK index based on hourly stock price movements: hgsi compx mlnm spx.x chir rut.x amgn medi drg.x indu idph pdli medx affx abgx The following non-pharmas were most closely linked to the DRG index: btk.x spx.x indu compx hgsi mlnm rut.x pdli The following to the COMPX: spx.x rut.x indu btk.x hgsi chir drg.x mlnm abgx medx amgn imnx And the following were most closely linked to SEPR, a stock I follow closely: btk.x rut.x pdli compx regn spx.x drg.x bmy medx The following stocks were "twins," moving together very closely: AMGN/CHIR ABGX/MEDX It's interesting thinking about this for a moment. It's pretty reasonable that say ABGX and MEDX should move together - they have indistinguishable prospects from the perspective of most observers. But why should say SEPR and PDLI move together (although their correllation is much weaker than the "twins" above)? Their fundamentals are essentially unrelated. All that really relates them is that people have of late been buying and selling them together. Note: The above calculations were not done by finding all the correllation coefficients, which would be the "official" way of doing this calculation, but I think the results should be pretty similar. Peter

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