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Biotech / Medical : Biotech Valuation

CRSP 53.85

-4.5%

Jan 9 9:30 AM EST

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To: Biomaven who started this subject	3/4/2004 5:21:49 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) of 52153

ELN/BIIB Recently, Peter suggested an anomaly in the pricing of ELN relative to BIIB when the good news on Antegren came out: Message 19820538 Fred Hayes pointed out Avonex cannibalization as a reason for ELN to outperform BIIB: Message 19820775 I confirmed the anomaly and went long ELN. I have set up a spreadsheet to track the extent to which ELN closes the gap in value with BIIB. Todays close on BIIB implies an ELN value of about $23.72. Starting with 2/18 and progressing daily here is how the valuation gap/anomaly is closing through today: 24% 26% 26% 35% 33% 31% 37% 44%46% 58% 48% 52% If as Peter and Fred have suggested, ELN deserves a greater than proportional move, then this series of may indeed go over 100%. My thanks to Peter and Fred for another great investment idea. ij

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