Pharmacyclics (PCYC) Message Board

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Biotech / Medical : Pharmacyclics (PCYC)

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To: squetch who wrote (230)	11/13/1997 2:30:00 PM
From: HB	Read Replies (1) of 717

Earnings out: biz.yahoo.com With cash of about $3.60, and book of about $3.40 /share, and a burn rate of $1.04/shr if you annualize this quarter, company looks in OK shape to me (no whiz analyst!), but I could imagine a modest offering sometime over the next year to keep the cash pile up. Total liabilities are encouragingly low ($2.2 million; there are 10 million shares. The one valuation measure that worries me a tad is price/r&d: r&d is $11 million, or ~$1.10/share, if you annualize this quarter's figure ($10 million if you annualize this qtr last year's). That looks like about 20X r&d at today's quote; I am more comfortable with 5-10X but PCYC has bright prospects, so maybe this is OK. Today's volume seems high; does someone see some news in the press release that I don't? I sold at $27, but have a first order in that may fill soon. I think this market is still in VERY dangerous waters, hence my willingness to trade out of good companies and try to get back in lower. I have seen a few limit orders that I though were long shots when I placed them get hit in recent days. Howard

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