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Biotech / Medical : ChiRex (CHRX)
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To: scott who wrote (75)9/23/1997 9:19:00 AM
From: Haseltine   of 130
 
Looks like profit taking by small investors to me based on the intraday trade volumes. I think last week's rally was driven by institutional buyers since there were a lot of big block trades.

I have not seen any news. The next event is supposed to be closure of the Glaxo deal by Sept 30.

As to possibly why the stock caught the attention of institutional investors latley, note that CHRX has told the analysts that it is making an intermediate in BCHE's/Glaxo's drug, 3-TC. Glaxo filed in China for approval for use in hepatitis B (huge market!). BCHE has had a little run lately, too. And small caps have returned to favor (finally!).

Good luck.
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