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: Mark Nelson who wrote (33)	12/14/1996 5:08:00 PM
From: James Silverman	of 74

Mark, Being early can pay very well, its more a matter of being early at the right price. For examples, I got into Alkermes at $3 last year, SEPR at $7 early '95 thats just two examples of being in early at the right price. I don't look for either to trade at those levels again. Neither of these two companies was near real revenues at the time of my investment. Fortunately I was able to jump in at a time when a few biotech drugs failed clinicals and killed the whole sector indiscriminately creating a huge number of great buying opportunities. Today, I would mention ARQL, SNAP and CIST as very nice companies that are attractively priced for a long term investor. The biotech sector is for long term investors with great patience. Investing in earlier companies creates the potential for far greater gains. Investing in later stage biotechs with revenues and earnings can be profitable but your upside is lessened albeit with less risk. For companies closer to market with their initial products AGPH and VRTX stand out to me.

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