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Biotech / Medical : Biotech Valuation
CRSP 55.11-2.6%Nov 7 9:30 AM EST
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To: scaram(o)uche who wrote (53)3/10/1999 10:18:00 AM
From: Biomaven  Read Replies (1) of 52153
 
It's been very hard to track the VC holdings in PCYC since they all dropped just below 5% a year or two ago. The only single shareholder who has this many shares (a million shares is around 10%) is Wellington Management, and I think they only filed as >5% holders last month for the first time.

My guess is that this was some VC's bailing, and the overhang is what has been depressing the stock for quite a while. The MM's just never wanted to buy - always kept their bids well below any trades.

In terms of value, unless there is something I don't know about (which is always a very real possibility) I see this as one of the most undervalued stocks I follow, taking into account their potential (wholly-owned) blockbuster in Phase III and solid finances.

Obviously, the price will ultimately be drive by the success of their trials, but right now the trial's odds of success are being heavily discounted by this price.

Disclaimer: I've been "too early" <G> on this one for a while now, and maybe the market knows something I don't. One thing that give me confidence "that I'm right and the market just won't admit it" is that the market treats it just like MRVT, which I know ultimately can't be right.

Peter
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