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Biotech / Medical : PHARMERICA (DOSE) - Undervalued Growth Company
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To: Canuck Dave who wrote (8)11/4/1998 6:23:00 PM
From: jimiboy  Read Replies (1) of 24
 
The run to 17 last year happened as Capstone became Pharmerica with the merger of the Beverly Enterprises and the pharmacy business to their massive amount of beds. 15 out of 15 brokerage houses gave it a "strong buy" with DLJ giving a 12 month target of 20 with 30 being quietly mentioned ( based on the Omnicare comparison).

The stock suspiciously drifted back to 12-13 as the common thought was that all the merger shares were coming back in for a profit.

First came news that Beverly Enterprises (DOSE's largest customer) was being investigated for their purchasing practices. I think it was a routine type of thing (like an audit) but the market killed the stock down to about 9-10.

Next on their spring (I think) earnings they pre-announced that they were going to miss it by a penny. Boom! Another point and one-half.

They next postponed earnings. Then when earnings were announced the conference call spoke of problems with all their acquisitions. Nothing big just that it was taking longer than expected.

Throw in a lousy summer market and its traded below 4.

I think DOSE still has all the promise that was pitched last spring. The company just needs to digest all their growth and then make a little real money.
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