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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: scaram(o)uche who wrote (4146)4/25/1998 6:42:00 PM
From: Peter Singleton  Read Replies (1) of 6136
 
Steve,

That's why Rick is the most book-marked person who follows biotech on SI.

To net out what Rick and John have said, AGPH appears to have a focused, well-thought through strategy with a lot of cards in their deck. They are behaving like a pharmaceutical company, not a development stage biotech. And they've made the transition in the capital markets to where they're judged on earnings (and expected certainty of earnings), not on the promise of their research. Although I haven't run the numbers, I suspect the current price can be justified on Viracept alone, and we're getting the research machine, with some very promising compounds, for free.

And it is frustrating to buy last fall (I added to my position then as well) ... but this is a long term game. All of us need to have a cast-iron stomach for risk and a willingness to go a direction we believe in while the rest of the world seems to be going in the other.

Peter
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