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Biotech / Medical : Biotech Valuation
CRSP 52.51+2.7%Nov 14 9:30 AM EST
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To: Elmer who wrote (6745)7/17/2002 12:48:54 PM
From: Biomaven  Read Replies (1) of 52153
 
David,

Insiders are probably as shell-shocked as the rest of us. The last few days certainly have been an improvement, though.

Note that the relative valuation of the BTK index compared with the DRG index has actually been pretty flat the last few years - the ratio is currently around 1.25, which is about where it was in April 2000 in the aftermath of the biotech bubble as well as in Jan 2001. (But note part of this is because of the recent collapse of the DRG index and note also that the BTK understates the carnage in the average small biotech). Meanwhile, the NASDAQ has continued to deteriorate relative to the Dow, which in the past would mean the BTK would decline relative to the DRG index.

Peter
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