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Biotech / Medical : Biomatrix (BXM) Looking Great
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To: John McCarthy who wrote (186)11/16/1997 6:24:00 AM
From: James Baker  Read Replies (1) of 569
 
John,
I am not so sure about the activity of shorts and what they can do to a stock. Yes they can "talk" it down by spreading reality or falsehoods. But my understanding is that you can sell short only after an UP TICK spceifically to prevent ever downward pressure by shorting. Yes it increases the pool of shares offered for sale. And I guess market makers can be market manipulators in the way they trade a stock.
But look at CYMI in the last yr 5 to 45 stock price. The last 4 qt EPS are 0.13 0.15 0.24 0.23 First call estimates are for 97 0.83 and 98 1.06. This is ONLY a 35% growth rate and they were selling at 40X 1998 earnings est. I think that they got ahead of reality at 45 especially with the nice earnings at 0.24 but then on per share basis the next qt was actually lower. Add to this the Asian flu and that there business has more connection to the Asian market problems.

I think that BIOX was ahead of itself at 41. I think that the recent action is forming a very strong base in the 32 - 33 range and this will be a very nice launching pad when Hylaform gets US approval and the revenue and earnings stream are established for Synvisc. I think BIOX has a great future and no shorting will keep this stock from recognizing it true potential in the future.
Jim
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