Hi Mel Spivak; Some friends suggested the stock, but I do my
own DD, so I did a thorough look through the edgar filings and
the press releases, etc.
The financials are about the cleanest I have seen, (except,
as a matter of principle, I don't approve of poison pills.) They
have plenty of cash in the bank, and it appears to me are
set to absolutely destroy the earnings estimates on YHOO:
$.29 in '98, and $1.56 in '99. After looking at their COGS
with that TOBI drug, and the sales reports, I concluded
that the above estimates are low by about a factor of 3
or 4. And that is without taking into account sales into
anything other than CF.
Yahoo estimates:
quote.yahoo.com
I also looked through press releases regarding CF, and
only a couple looked like they might have contributed
to the jig downward (i.e. -10% to close around 30) today:
10:41AM 6/4/98 DBOT awarded US Patent for new
lung bacteria killing drugs
biz.yahoo.com
This patent to be applied to CF, (possibly with
TGEN genetic materials?)
3:38PM 6/4/98 MBIO Patent for Aerosolized Gene Delivery
biz.yahoo.com
But both these would apply to some far, far, distant
future drugs, and PGNS is selling a better cure now.
So PGNS's '98 and '99 earnings are not at risk from
this.
Is that what caused the stock to tank? If that is all, then
I'm a believer, and am quite sure that when PGNS shows
ttm earnings of around $4 at this time next year, the stock
will be in triple digits or split.
-- Carl |
