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Biotech / Medical : Sepracor-Looks very promising
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To: Thomas M. who wrote (1743)2/16/1999 10:22:00 PM
From: Ed Ajootian  Read Replies (2) of 10280
 
12 Month Price Objective: $125-130
Estimates (Dec) 1997A 1998E 1999E
EPS: -1.92 -3.48 -4.05
P/E: NM NM NM
EPS Change (YoY): NM NM
Consensus EPS: $-3.15 $-2.90
(First Call: 22-Jan-1999)
Q4 EPS (Dec): -0.56 -1.38
Cash Flow/Share: -1.74 -3.48 -3.60
Price/Cash Flow: NM NM NM
Dividend Rate: Nil Nil Nil
Dividend Yield: Nil Nil Nil
Opinion & Financial Data
Investment Opinion: D-2-1-9
Mkt. Value / Shares Outstanding (mn): $3,045 / 28
Book Value/Share (1998): NA
Price/Book Ratio: NM
ROE 1998E Average: NA
LT Liability % of Capital: NA
Est. 5 Year EPS Growth: NA
Stock Data
52-Week Range: $119-$35 7/8
Symbol / Exchange: SEPR / OTC
Options: Chicago
Institutional Ownership-Spectrum: 77.7%
Brokers Covering (First Call): 11
ML Industry Weightings & Ratings**
Strategy; Weighting Rel. to Mkt.:
Income: Overweight (07-Mar-1995)
Growth: Overweight (21-Jan-1997)
Investment Highlights:
· Sepracor's presentation at our Merrill Lynch
Drug, Biotechnology & Medial Device Conf.
reinforced our confidence in future
fundamentals.
· Sepracor plans to start clinical trials for six
additional compounds in 1999 as well as
signing one additional major partnership and
gaining more issued patents.
· Schering-Plough is expected to file Sepracor's
desloratidine at the FDA during the second
half of 1999. Schering-Plough confirmed,
during an earlier presentation, that this
formulation could replace its existing Claritin
formulation, which achieved $2.3 billion in
1998 revenue.
· Sepracor expects up to 13 drugs to be
marketed either by partners or directly by the
company by 2002. The first directly marketed
drug, Xopenex, to treat asthma, should be
launched by mid-year.
· We continue to expect profitability by mid-2001
and rapid EPS growth thereafter, fueled
by royalty income from LLY, JNJ and SGP.
· We affirm our current rating. We are raising
our price objective to $125-130.

***************************************************************************

Thanks kindly for the link! This kind of hype deserves to get some direct air time! Gotta love how everyone (with possible exception of the Morgan Stanley guy) is now sandbagging their price objectives. Makes the analyst look like a nice conservative superstar when the stock blasts through the target, plus lets the _important clients (ie the institutions) keep buying as the good news comes out, without much competition from the riffraff (ie retail clients).
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