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Biotech / Medical : Biotech Valuation

CRSP 56.38

-0.2%

9:30 AM EST

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To: Biomaven who started this subject	12/4/2001 12:17:50 PM
From: Doc Bones	Read Replies (1) of 52153

thestreet.com RealMoney.com : James J. Cramer Biotech Bonus By James J. Cramer 12/04/2001 11:30 AM EST Opportunity knocks in biotech at the most bizarre and strange of times because of the voracious need of companies to always have new product. Take Aviron (AVIR:Nasdaq - news - commentary - research - analysis). The day this stock broke down because the Food and Drug Administration didn't approve its flu mist happened to be a day I was on CNBC's "Squawk." Mark Haines and I both talked about what an overreaction this was and that maybe it was an opportunity. You had to buy it at that moment, because MedImmune (MEDI:Nasdaq - news - commentary - research - analysis) swung into action, from the looks of things, and decided to bid for the company. You caught a double if you bought at that horrid moment in Aviron's history. Only biotech has this kind of resilience because of the industry's difficulty in developing new drugs. Cratered tech companies rarely attract bidders. Cratered industrial companies tend to stay cratered. And cratered telecom companies are owned by the bondholders. I will be more vigilant next time a biotech company blows up -- maybe that's the chance to pounce and we can pick something up at great prices. <snip>

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