ArQule Message Board - Msg: 4404544

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Biotech / Medical : ArQule

ARQL 20.00

0.0%

Jan 16 4:00 PM EST

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To: ahhaha who wrote (208)	5/11/1998 12:46:00 AM
From: Larry Liebman	Read Replies (2) of 399

It's an interesting notion that the price of the stock reflects the inherent value. Ergo: decreases in stock price are both "rational" and a function of an efficient market. I am intrigued by this assumption. For example, I bought INCY at $26 and watched it "erode" to $18. I bought MEDI at $19 and watched it slowly dissolve to $13. I held the INCY, sold the MEDI when it declined. As it were, both made 400% gains within a 2 year time-frame. Perhaps, more to the point, I bought a small position in ENMD at $9. My speculative choice jumped to $12, and promptly plummeted to $6. Based on its decline I should have sold. I did sell 1/3 at $12, the rest at $66 last week. Suffice it to say I have also had biotechs like CNSI and AMLN which resulted in substantial losses. I am interested in how you discriminate between the INCY's and CNSI's. I applaud your call on ARQL. I am also interested in what might change your opinion. I am still interested in which biotechs have the technology which you conclude to be valid and efficacious. Where are you looking to invest your 70% when the market corrects?

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