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Biotech / Medical : Biotech Valuation

CRSP 53.85

-4.5%

Jan 9 9:30 AM EST

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To: IRWIN JAMES FRANKEL who wrote (10515)	2/19/2004 6:07:34 PM
From: Biomaven	Read Replies (1) of 52153

BIIB/ELN One possible explanation (not one I believe) is that ELN came out with its earnings results round about the same time this Antegren news came out, and so perhaps the ELN move is a net of the Antegren and what they had announced. I don't recall the exact timing of ELN's earnings announcement vs. the Antegren announcement. But in any event, the ELN results seemed somewhat better than anticipated. (I'm open to correction on this). Another possible explanation is simply that the market is slow/dumb (generally not the case, but it does happen). ELN is much less widely followed than BIIB and of course has had a substantial run-up from its lows already. FWIW I nearly doubled my ELN position yesterday. Peter

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