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Biotech / Medical : Novartis
NVS 125.48+0.4%Nov 5 3:59 PM EST
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To: Andreas Helke who wrote (154)1/21/1998 8:10:00 AM
From: Chuck. Edwards  Read Replies (1) of 296
 
Since the Tuesday rally in drug stocks was sparked by merger speculation, it is natural that smaller companies would go up more than larger ones, because the large companies would naturally be the "acquirers" not the "acquirees", and the acquiring company's stock usually suffers. Since Novartis is the largest drug company in the world and not an acquisition target, I would expect it to rise less than likely target Schering-Plough for example.

I am amazed at the expansion in drug company multiples. Pfizer trading at over 40 times earnings! Wow! We can no longer talk about absolute values, but must perforce look at relative ones.
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