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Biotech / Medical : Biotech Boom?

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To: Gottfried who wrote (356)	8/26/1997 8:16:00 AM
From: Henry Niman	of 368

Biotechs are beginning to show some life. Yesterday, the 169 Biotechs in OBD's Medical-Biomedical/Genetics group move up 1.3% which is impressive for a group that large. However, the group was still 2.9% BELOW Jan 1 levels. They are ranked 174 (out of 197 groups) which ia an improvement on the 185 position a week ago. However, they are still quite far from the #5 position they held 6 months ago. Biotechs had good coverage in IBD's NASDAQ summary. The sub-heading was "Large-Cap Stocks Are Mixed, Small Biotechs Lead Sector". In the write-up, CORR was listed first (1 3/8 jump to 12 15/16 on 6.4 million shares) and its Ingegrlin data and upgrades by Lehman Brothers and Oppenheimer were mentioned. Next came CNTO (4 1/2 point gain to a new high of 43 1/4) and its greater than 40% reduction in the risk of death or recurrent heart attacks in patients taking Reopro who are undergoing angioplasty. BMTX was also listed (2 1/2 point gain to 29 5/8) on news that its FDA-approved osteoarthritis knee treatment is expected to hit the US market this fall (as reported in Friday's New America). Other listed Biotechs (all gained more than a point) included AGPH, GILD, ZONA, BCHXF.

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