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Biotech / Medical : Biotech Valuation
CRSP 54.55-3.6%3:27 PM EST
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To: Biomaven who wrote (7554)12/19/2002 12:37:15 PM
From: Icebrg  Read Replies (1) of 52153
 
Strange market reactions today. Even more confusing than normal.

ICOS has a major disaster in phase III with a potential blockbuster. Development abandoned. Share price loses only 12%. Evidently everyone but me had thought that the project was doomed. The phase II data were very good although somewhat confusing. (Better results with the low dose). Well, at least the burn-rate will come down.

NBIX announced a major (and I mean MAJOR) corporate partnership. The share price starts enthusiastically, but seems now to be heading towards the red regions. Evidently the market had already priced in a partnership (it was no secret what NBIX was planning to do) and felt the terms were not good enough. Perhaps the market is also somewhat rattled about the Estorra announcement.

SEPR seems to have all kinds of problems getting their ESTORRA NDA in order and delays filing once more (That's at least my interpretation). Share price gains more than 20 %. From a low level though. Evidently the market had assumed that SEPR was never ever going to file anything again.

TTP announces that they are starting the first phase II with Spehramine. Potentially a revolutionary new method to treat Parkinsons. Schering AG pays all the development costs. The share price doesn't move at all. In any direction. Evidently the market couldn't care less about what Titan and Buccalo are doing or not doing. Agreed, that Spheramine seems to be a somewhat exotic type of treatment with a minor brain surgery required, but still. It should have been worth at least a one-day pop.

Erik
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