Pharmacopeia, Inc. (ACCL) (Prev: PCOP) Message Board

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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP)

ACCL 4.001

0.0%

11:43 AM EST

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To: Larry Liebman who wrote (49)	2/2/1998 12:29:00 PM
From: kinkblot	of 179

Larry, Some other firms that follow Pharmacopeia are Lehman Brothers, Cowen, UBS Securities, Everen Securities. All seem to have strong buy ratings on the stock. I've checked the Zacks ratings occasionally since last summer, and for what it's worth all analysts have been on a Zacks rating of 1. PCOP has been confined to a trading range as these brokers already have it at the maximum rating, so there's no room for them to ratchet it up. Zacks also has it rated 1 out of 141 in the group medical-drugs, and it's been there for months. To drive the stock up, something must happen to bring in new buyers. The Bristol-Meyers deal didn't do it; maybe a drug entering clinical trials is the necessary catalyst. A competitor CombiChem (symbol to be CCHM) is slated to go public soon. When that happens PCOP will look undervalued by comparison. According to IPO-Alert it was scheduled to be done last week but hasn't happened for some reason. The lead underwriter is Robertson Stephens and 2.25M shares will be sold at an expected price of $11-13. There will be 13.2M shares outstanding after the IPO according to their FORM S-1/A, giving the company a market value of around 170M at $13/share. Their website is combichem.com Also, the Glaxo/SmithKline merger has engendered some discussion about the combination of genomics (SmithKline/Human Genome) and high throughput screening (Glaxo/Affymax). Perhaps some attention will be directed to other companies in these areas as people compare research strategies of the major drug companies. An article on page 1 of today's Wall Street Journal emphasizes this angle. Will

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