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Biotech / Medical : Biotech Valuation

CRSP 54.23

-0.8%

1:56 PM EST

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To: Doc Bones who wrote (8400)	5/19/2003 12:21:49 PM
From: tom pope	Read Replies (1) of 52153

I guess there was nothing else to do other than 'fess up to a blunder 12:12 ET DNA Genentech upgraded at BofA (53.32 +15.42) -- Update -- In a note entitled "Holy Cow! Our Timing Couldn't Have Been Worse", Banc of America reversed themselves and upgraded DNA to Buy from Sell following this morning's surprise Avastin news (see the 7:17 comment for the news and 7:29 for BofA's pre-open downgrade); firm says each $100 mln in Avastin sales equates to roughly $0.10 per share, and believes Avastin possesses billion-dollar potential, will enjoy rapid adoption, and should enjoy several years free from competition (CEPH, IMCLE, REGN, AZN, NVS, and MEDI have competing drugs in Phase I/II testing). Raises price target to $73 from $30.

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