| |
Here is the bottom line for the trip report.....more to follow - FJA
ANALYSIS
Third quarter 1998 will be a pivotal period for both ANTX as a company and ANTX as a stock, particularly for investors with a 12-month investment horizon or less. Fundamentally, the advent of positive results from the Campylobacter Phase II and the H. pylori phase I trials, a potential collaboration with a leader in animal vaccine technology, and listing on a mainstream stock exchange, would be an incredible boon to ANTX' permanent valuation. Setbacks in any of these areas are mitigated by the fact that the trials have not been self-funded to date. The AST and NST platform is broad enough that resources could be allocated to other, more promising products rapidly, including therapeutics.
Regarding ANTX as a stock, the impending volatility of the fundamentals relegates three-month valuation exercises to a technician's game. Given this uncertainty, we understand and appreciate ANTX' tight-lipped approach to Wall Street. In our opinion, ANTX is waiting to have its "ducks in a row" before telling what, in the best case scenario, will be as compelling a story as any the industry has seen in years. For investors who can afford to speculate and have at least a 12-month investment horizon, ANTX is an unusually attractive biotech risk/reward play. |
|
