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Biotech / Medical : Sepracor-Looks very promising
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To: BMcV who wrote (1268)10/8/1998 3:10:00 PM
From: rkrw  Read Replies (2) of 10280
 
Bruce,
To the contrary how about giving the analyst credit for
1. Making a good buy call on the stock ($38?).
2. Making a good sell call ($62?).

The WSJ article was no hatchet job and the analyst certainly didn't sound pessimistic to me. His case was quite reasonable although overall I am not sure that he is seeing the big picture. The article also presented the bull case quite well, so it was hardly a negative article. Should Sepr meet the Bear Stearns analysts eps projections I believe the stock will do very well. One could make a case that his discount rates are too high, given the lessened risks of Sepr and easily concoct a far higher target price. The market is currently in a frenzy and taking profits was probably smart if taxes were of no concern. Cash seems to be king in this market.

As for your conspiracy theories on the rationale behind the downgrade, I believe your imagination is getting the better of you.
The company isn't going to get bought without board approval, so you have little to worry about. They have proven themselves to be shrewd operators, have a huge slug of cash, so why worry about an imaginary stalker?
One more point would be that call premiums have to do with the share price volatility and not what the market actually thinks of the Sepr.
If you've been a holder of the stock for a number of years, you've been through declines far worse than this, despite an outlook which is consistently improving.
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