Hi Bob, and all,
By way of introduction, let me just say I've suffered and won with Sepracor as with no other stock I've owned. Two years ago with the stock down from 20 to 10 and Jean Devine not responding to requests for information, I almost bailed, kicking myself all the while for buying SEPR instead of Interneuron, (which I was convinced was basically a hoax and which, if recent market action is a guide, it was). In the end I bought more SEPR and am happy I did.
re: "too overvalued" -- Like you, SEPR's market cap of $1 Billion+ has had me worried in the past; like you too, I don't think it is overvalued. Last week, when the new warning on Propulsid came out, J&J dropped over three points, representing over $4 Billion in market capitalization. That just shows what the market thinks these franchises are worth and makes SEPR's price seem like pretty small potatoes compared to its potential. Although I'm not entirely sure of the mechanism, I tend to believe Ed A's explanation for the current price action holding around 47-48 as being related to the convertibles. Maybe he can explain it again. Like your T-shirt idea. "SEPR 1" is going on my next car. (Not that I'm planning to sell!)
Bruce
|
