Billy,
I really feel this is nothing more than the market doing a very healthy, belated, correction. And because it got delayed the correction is gonna hurt that much more.
Needless to say I feel that SEPR is a phenomenal buy at this price. As long as you can believe that the world as we know it will not be coming to an end, that is.
If SEPR goes down any more you will be able to buy without getting diluted out by the convertible bond holders that bought in during February. This is mind-boggling given the fantastic company news that has come out since then.
I can't wait for the July calls to come out so I can snap up some of them. The word I hear is that J&J is still on track to filing an NDA on Norastemizole by 6/30/99. I don't care if the Dow is 5,000 at that point, this sort of news is gonna rock the stock.
The thing we need to keep in mind is, thanks to the conservative, yet, as it turns out, brilliant, actions of SEPR management to go out and raise the $189 mm of funds in February, years before they would need such funds, SEPR is now in the enviable position of having enough money to make it all the way to the point that they become cash-flow positive. So, contrary to most biotechs, the price of the stock is of little concern.
The stock prices of a lot of other great little biotech companies are getting whacked all to hell. Wondering whether SEPR ought to take advantage of this and do some acquisitions. It would be a cheap, easy, low-risk way to diversify their long-term pipeline.
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