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Biotech / Medical : Biotech Valuation

CRSP 56.71

+0.4%

Dec 24 12:59 PM EST

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To: Icebrg who wrote (8638)	6/9/2003 4:46:55 PM
From: Icebrg	Read Replies (2) of 52153

OXGN - Oxigene was up a little more than 60 % after issuing PR to the effect that they are initiating still another phase I/II study. Even more impressive (actually) was the turnover of shares. According to Yahoo some 27,5 million shares changed hands. Some of which must have done the trick a couple of times during the day as the company only has a little less than 13 m shares issued. Some of which are traded in Stockholm and not available to US investors. Even more terrifying was NPRO - NaPro who saw the share price increase by 130+ % after announcing positive results from an experiment in cell culture. You can all imagine what will happen if they are able to repeat these results in mice. This is not biotech anymore. These companies are more or less hi-jacked by traders. As no-one is able to put a "true value" on either OXGN or NPRO it is relatively easy to drive the stock price any way they want. And day traders and momentum players are just too happy to join. Most probably the instigators will be skilled enough to be able to ride the movement down again on the short side. The question is: Who will be left with those shares that were traded on the way up. Erik

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