WSJ-Heard on the Street
Agouron, Others Could Benefit From Consolidation, WSJ Reports
New York, Oct. 23 (Bloomberg) - Agouron Pharmaceuticals Inc., Alkermes Inc. and Aviron are among
biotechnology stocks that Oracle Partners LP owns that could benefit from consolidation in the industry, the
Wall Street Journal reported in its ''Heard on the Street'' column, citing Larry Feinberg, a principal with
Oracle. IDEC Pharmaceuticals Corp., Incyte Pharmaceuticals Inc., MedImmune Inc., PathoGenesis Corp.
and Texas Biotechnology Corp. could also benefit, said Feinberg, whose hedge funds specializing in health
care have about 40 percent of their money in biotech stocks. Feinberg predicts ''the biggest biotech rally''
ever by year end or early 1999, with investors moving to ''a new valuation paradigm'' for small- capitalization
biotech stocks based on the amount larger companies will pay for them, not earnings a share, the paper
said. |
