I disagree. We'll see what the stock closes at tomorrow, especially compared to the price of puts and calls. And I don't know what 'extreme' disappointment you are referring to. The only think I was disappointed in was how the stock moved, and is moving now. I thought Lehman Brothers, Solomon-Smith-Barney, Robertson-Stephens, and Paine-Weber were very pleased with the earnings and the conference call. Bear-Stearns has been bearish on Agouron from Day 1, as has Montgomery Securities and and David Stone, where-ever he is from. None have been fans of Agouron. So why should this earnings' report be received any differently from the others? Apparently Doug Lind of Morgan-Stanley asked Peter Johnson at the conference call about potential in-licensing activities. Johnson said that they are directing much effort towards this, and obviously they are in talks, they are not at a point where they can announce anything. Most companies don't announce deals until they are finalized and why should Agouron be any different?
Hindsight is 20/20. It really would have been so much better if Viracept, with estimated sales of over $360 million for this fiscal year ending June 98 had never been approved. I guess it would have been better, as far as some are concerned, if TWO drugs with sales of $100 million each, had received approval instead. |
