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Biotech / Medical : Eli Lilly

LLY 1,048

-1.3%

1:58 PM EST

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To: Sonki who wrote (99)	3/25/1998 6:31:00 PM
From: Anthony Wong	Read Replies (1) of 642

Sonki and all, Though it is encouraging to see that LLY had not closed at its low today, I would not consider going long until after the dust settles. It is very likely that the stock would break below $59 1/2. As Peter had noted, Heuer mentioned the sparsity of new drugs until 2001 as one of the reasons for downgrading the stock. Unless LLY's existing drugs gain more market share, or unless Evista's scripts increase considerably, there is no reason for the market to reward LLY with a high valuation. I think both short term and medium term, PFE would offer better rewards; but even PFE is a bit frothy now. Generally speaking, I think all the pharmaceuticals are due for a correction. I hope LLY would get a rebound, in which case it would be a good idea to get out and wait for an excellent buying opportunity later on. Regards. Anthony

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