CAVALRY'S SHORT BUSTERS - MAGIC EIGHTBALLS PICKS Message Board

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Strategies & Market Trends : CAVALRY'S SHORT BUSTERS - MAGIC EIGHTBALLS PICKS

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To: Cavalry who wrote (1231)	10/20/1998 10:41:00 PM
From: Just My Opinion	Read Replies (2) of 1637

well if you can believe this news, here is a short squeeze for you. biz.yahoo.com Tuesday October 20, 9:56 pm Eastern Time Huge short-covering fuels Genzyme trading-analysts BOSTON, Oct 20 (Reuters) - Stock analysts on Tuesday credited a substantial amount of short covering amid tremendous interest in biotech stocks for the spike in trading of Genzyme General Corp (Nasdaq:GENZ - news). Genzyme shares were up 1-1/16 on Tuesday afternoon, at 41-3/16. Nearly 2.8 million shares had changed hands at 1400 EDT / 1800 GMT, more than twice the average volume of about 1 million shares. ''First there are over 10 million shorts on this thing. So there's a short squeeze on,'' said Dr. Charles Engelberg an analyst with AmeriCal Securities. ''The biotech index is up five points or roughly 3.5 percent and Genzyme has one of the highest short interests in this market.'' The Cambridge, Mass.-based Genzyme is also benefiting from renewed interest by portfolio managers, said Cowen & Co. analyst David Stone. Stone said he expects Food and Drug Administration approval of two of the company's products by year's end: Thyrogen and RenaGel. ''Thyrogen makes life easier for patients with thyroid cancer and for Genzyme it means $50 million in revenues and 0.25 cents in EPS (earnings per share)'' Stone said. RenaGel is a kidney treatment developed by Geltex Pharmaceuticals Inc (Nasdaq:GELX - news) and Genzyme is its marketing partner. Stone expects the product could produce about $300 million in revenues.

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