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Biotech / Medical : QIAGEN (QGENF) - Star of Germany's Biotechs
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To: Vector1 who wrote (40)10/10/1997 9:10:00 AM
From: Stephen D. French   of 122
 
Market mutant (from Forbes mag):

INVESTORS have taken a shine to Qiagen N.V.
(Nasdaq: QGENF), a Netherlands biotech outfit
that did $54 million in sales last year. The firm's
main product is a kit that separates and purifies
nucleic acids-RNA and DNA-to test for
everything from tainted food to genetic disorders.

Qiagen's stock has quadrupled since the June
1996 IPO. At a recent $46.50, the shares trade at
111 times earnings. Qiagen's $780 million market
cap exceeds the $700 million market for DNA
purification.

Bulls say Qiagen's earnings will jump almost 50%
this year. Never mind that demand for nucleic
acid purification is growing at only 15% a year.
What's more, Qiagen's success is drawing
competition from better-capitalized players such
as Pharmacia, Boehringer and Millipore.

The company has disappointed before: Last
quarter's sales came in 10% below analysts'
expectations. Qiagen blamed the strong dollar and
customers taking long vacations, but insiders have
been selling. A total of 3.4 million shares have
been sold since March, about 20% of the shares
outstanding.

One money manager thinks the Qiagen shares will
drift to $25 in 12 months. Stock is borrowable, if
you want to short.
-Stephan Herrera
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