"Some Biotech Stocks Can Double And Still Be Undervalued," Says Industry Authority
McCamant
BusinessWire, Thursday, September 03, 1998 at 16:55
ENGLEWOOD, N.J.--(BUSINESS WIRE)--Sept. 3, 1998--The recent blood
bath on Wall Street has made many long-depressed biotechnology stocks
even better values, according to long-time industry analyst Jim
McCamant, Editor of the Medical Technology Stocks Letter
(www.bioinvest.com).
"Clearly after Monday's selloff, there was an extremely oversold
condition in the biotech sector," McCamant said in an interview. "It
was important for the biotech market leaders to bounce back Tuesday,
and they did. It will take a rally in the leaders to get the whole
group to move."
McCamant will expand on his current thinking about the market and
biotech stocks and pharmaceuticals in a rare East Coast appearance at
the first Informed Investors New York/New Jersey BioPharma Stocks
Forum Saturday morning Sept. 12 at the Englewood Radisson Hotel. In
addition to McCamant, executives from seven public companies --
Genentech (NYSE:GNE), Immunomedics (NASDAQ:IMMU), Alteon
(NASDAQ:ALTN), Organogenesis (AMEX:ORG), Inhale Therapeutics
(NASDAQ:INHL), SunPharm (NASDAQ:SUNP) and AVI BioPharma (NASDAQ:AVII).
The cost to attend is $25 prepaid, $40 at the door. The Forum
will run from 8:30 a.m.-12:30 p.m. and includes a continental
breakfast. Call Informed Investors at 800/992-4683 to register. Audio
tapes for the full set (five cassettes) are $48.95 which includes all
company presentations plus keynote speakers. Individual tapes are $18.
Access Informed Investors' website at informedinvestors.com
for more information.
"Several second-tier companies are particularly attractive at
current prices because they are oversold and have less risk than some
of the smaller companies," McCamant said. "Isis (NASDAQ:ISIP), for
example, can double from current prices and still be undervalued. AxyS
(NASDAQ:AXPH) and ImClone Systems (NASDAQ:IMCL) are two others in that
group. A few other stocks that are appear particularly undervalued
right now are Agouron ((NASDAQ:AGPH) and ICOS (NASDAQ:ICOS). As
leaders provide momentum, lower-priced companies that can move quickly
include XOMA (NASDAQ:XOMA), Shaman (NASDAQ:SHMN) and Immunogen
(NASDAQ:IMGN)."
Continuing FDA approvals, such as this week's Barr Labs'
(NYSE:BRL) approval to market its Preven contraceptive kit and the FDA
advisory panel's decision to recommend Genentech's Herceptin cancer
treatment drug, will eventually lead to broader support for biotech
stocks, McCamant said.
Since 1993, Informed Investors has featured scores of quality
companies and industry experts at its Forums.
CONTACT: Informed Investors
Steve Chanecka or Sean Finnigan, 916/448-8222
or 800/992-4683
KEYWORD: CALIFORNIA NEW JERSEY NEW YORK
INDUSTRY KEYWORD: BIOTECHNOLOGY
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