Tony.....
Potential news about programs that are partnered is, IMO, pretty much priced into MCDE. Consistent progress on these fronts won't move this sucker much, again IMO, in the face of the slaughter the sector has taken. I look to the two programs that are MCDE's alone, the membrane protein and fungal projects, for near- and mid-term appreciation.
Every investor has their own style. I try to mix issues where I expect near-term appreciation with early stakes in companies that I want to own five years from now. Across the board, this "put it in the closet and look at it in five years" strategy has not been a good one for the past 14 months, since the beginning of the sector collapse, June '96.
No, there were no unexpected financials in the last quarterly. The biotech sector is just sick, and there are few buyers for early-stage business plans. Cycles are cycles, and patents/innovation will again come into favor.
The question is, when? Sigh.
It is very frustrating to be invested in these early-stage companies while momentum issues put on 20% in a day. However, when the last frustrated money leaves biotech, we're going to be left with a bunch of really cheap business plans that are supported by undervalued patents.
My frustrated $0.02. Luckily, I've also had some decent momentum plays.
Good luck! Rick |
