A crash for the markets - a crash for biotechs ? Message Board

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Biotech / Medical : A crash for the markets - a crash for biotechs ?

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To: trevor john wilkinson who wrote (18)	12/11/1996 8:04:00 AM
From: Harold Engstrom	of 74

I think the longer interest rates stay low and the longer earnings continue to climb, the higher a premium people seem to be willing to pay for stock. Many sectors are not the bargain I would look for, but biotech seems to be a decent market now. I own Biogen, Genzyme, Genetics Institute and Immulogic. Genzyme in particular seems even undervalued: selling at only twice book value, with consistent and guaranteed earnings that would seem to put a floor PE of 20 under them, and a strong potential pipeline. Not all biotechs are that strong, but there are many with great stories and huge potential. If the market fundementals like earnings and inflation turn, then everything is overvalued, but if not then prices are not too far out of whack. All the best, Harold Engstrom

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