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Biotech / Medical : Biotech for less than cash value
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To: RWReeves who wrote (63)7/5/2002 9:31:12 PM
From: Arthur Radley  Read Replies (1) of 684
 
This is some data I posted on another biotech thread....pretty sobering to see the carnage taking place in this area of investing...but maybe we have hit bottom:

Boy! With the biotechs in the pits, I guess there really isn't much to be said here on the 2002 stock picking thread. Obviously, many of us have shares that have tanked and probably many of these original shares were bought at sub-ten dollars prices. Just to get a better perspective on what has happened this year with biotechs, I had some time today and looked at the Investor's Business Daily list of biotechs on their main NASDAQ listing. This list only contains stocks that were above $10 when they were listed on the list(meaning many of them have dropped below $10 but are still listed in this category) and I identified 75 of these biotechs. And this is what I found for the current prices from their 52 week highs.
Stock that have lost what percentage from their respective highs:
0-10% O
10-20% 2
20-30% 3
30-40% 3
40-50% 11
50-60% 19
60-70% 10
70-80% 15
80-90% 9
90-100% 3

As can be seen, the vast majority of these Major Biotechs, they are down more than 50%.
For example and looking at those companies that had the highest 52 week share prices, I found:
ADRX high of $77.40 now down 73%
AMGN high of $69.00 now down 33%
CVTX high of $60.90 now down 74%
CEPH high of $78.90 now down 49%
IMCL high of $75.50 now down 91%
GNSS high of $74.90 now down 90%
MEDI high of $49.00 now down 53%
SEPR high of $60.10 now down 86%
VRTX high of $49.40 now down 69%
BGEN high of $62.80 now down 41%

At least this give me a better perspective on why my original cheap shares are down by the same percentages as some of these previous high flyers and ones with actual earnings
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