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Biotech / Medical : Biotech Valuation
CRSP 53.85-4.5%Jan 9 3:59 PM EST
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To: Robohogs who wrote (21129)9/3/2006 6:30:28 PM
From: tom pope  Read Replies (1) of 52153
 
I think so. We started off with S&P P/E's around 25, and are now at around the same levels of stock prices that we were in 2000, but with a P/E of 17 - the historical average - due to earnings outpacing the rise in market levels. I don't see why we wouldn't continue the P/E downtrend, with the E's rising faster than the P's - until we reach a deeper level of undervaluation. Then we may see the bull reignite.
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