Attended my third straight and the Sixth Informed Investors Bay Area Biotechnology Forum yesterday. This one had great companies, but.... some presentations were weak/lame, and some strong companies sent rubber stamps to make the presentations. Overall, however a very enjoyable and potentially profitable experience. Thanks, JH!
Keynotes were by Mark Lampert and David Steinberg. As we've expected, Lampert is such a third-tier freak that he makes me look moderate. He spoke of "innovative alternatives" and "restructuring concepts" as potential sparks to correct the divergence between first- and third-tiers. He said there is "a lot going on", but he emphasized that he did not know when or if his efforts or the efforts of others will come to fruition. My recent conversations with underwriters lead me to believe that the only thing that stands between the third-tier and rational valuations is "management egos"..... everybody needs to be CEO. Bunch of frigging children!
Lampert was careful not to plug any companies, but slipped in MCDE and NPSP.
Steinberg was also good, speaking about the drug delivery segment of the sector. He also likes small caps at this time..... "in the current environment, owning something that institutions don't yet own is a good thing". He liked ALKS, INHL, ZONA and some others.
Again, I can't emphasize strongly enough..... these II forums are great. |
