Hi, my 0.02:
I own a bit of Ligand, Microcide, and Millennium - I do not dislike them; of the three I feel best about MLNM, but this changes from time to time.
I also have a bit of Xoma; I think it's hard to compare with MCDE. Xoma has a lot of history (no kidding). BPI could be big but really would not compete directly with the oral antibiotics in early development by MCDE or by Cubist.
I thought SQNA (ARRS+SQNA= AXPH -- Mike, I know you know this, but for those lurkers or others who may not be familiar with them/it ) was waaaay cheap compared with MLNM; now is waay cheapER. I still keep some of the combined entity, but I feel it may take a while for them to establish credibility as the "street" voted with their feet on the merger (regardless of what the actual vote said). Walker (the CEO) has good reputation and should in time create "shareholder value" as they say. One good thing is that they have a decent cash position and large number of revenue-producing deals. So they can afford to wait for the street to buy their story.
ISIP is in my crazy money pile; I know next to nothing about Lynx.
Other interesting biotechs I like, not necessarily at current prices, include:
IDEC: Rituxan may be a huge seller; pipeline not bad at all
MedImmune: 2 so-so products already in the market,it filed with FDA for a potential blockbuster. Vaccine pipeline interesting and with good partners.
Coulter: doubt Bexxar will sell as well as Rituxan when/if approved. Bexxar is currently in phase III trials. Still, its valuation, especially under 20, is very compelling.
Vertex, Agouron, Gilead, Incyte: these are class organizations; cannot lose in the long run.
Biogen: a steal under 35, even at today's price not a bad risk/reward balance.
PB |
