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Biotech / Medical : Aviron
AVIR 3.070-12.0%3:59 PM EST
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To: nelli who wrote (84)8/1/1997 7:00:00 PM
From: Brad C. Dunlap   of 645
 
Hi Wu, whenever a company announces a secondary offering the investment firms that are underwriting the issue are prohibited from soliciting any orders and all research is suspended until the offering has been completed. This is better known as the quiet period and is strictly enforced. And not surprising it is usually the firms that have close ties to the company and have supported the company through research that underwrite the secondary issue. Because of this quiet period I am personally very surprised by the strength of AVIR's performance without any solicitation and support from the large firms that are involved in the underwriting. The fact that AVIR is holding strong can in no way be tied to the usual support from the likes of H&Q and the other firms tied to the underwriting. At different times I have made a practice of shorting into secondaries as a lead critereia as well as other paramaters and in many cases there is more weakness then usual since the regular supporters of the stock are prohibited from solicitation when involved with the underwriting. Being that this stock is way overextended on a technical basis and in the mist of a secondary is a very positive sign for the longs of the stock. Of course this does not mean the stock is definantly going to continue its strong performance, but it sure isn't a bad sign.
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