Roger's 1997 Short Picks Message Board

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Strategies & Market Trends : Roger's 1997 Short Picks

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To: Bill Wexler who wrote (8587)	12/18/1997 3:52:00 PM
From: Bill Wexler	Read Replies (4) of 9285

Time to short BioVail!!!!! Symbol BVF. This one is very interesting. It's another "Asensio special" (check out the Biovail reports on asensio.com). He correctly issued a sell recommendation in 1996 before the stock tanked, and he issued another sell recommendation in September 1997. Since then, the stock has climbed form the high 20's to 38 a share supposedly because of its impressive-looking earnings record. I was studying BVF's 6-Ks last night and it became crystal clear that Biovail is putting the caboose in front of the engine when it comes to revenue recognition. Check out the balance sheet - it is in shambles, and the company is cash flow negative. There is also some controversy swirling around the CEO since it was revealed that he was trading the comapny's stock through two offshore accounts in the Barbados. I believe that the price/volume activity over the past few weeks is not momentum driven, but an attempt at a short squeeze. I would strongly recommend shorting BVF.

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