Biotech Valuation Message Board

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Biotech / Medical : Biotech Valuation

CRSP 53.18

-3.8%

12:35 PM EST

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To: scaram(o)uche who wrote (163)	4/13/1999 10:53:00 AM
From: Biomaven	Read Replies (1) of 52153

However, this is not consistent with historical pricing in the sector, so..... do you bet that this situation will perpetuate, or that sanity will return to valuations for patents and pipes? Remember that part of the inconsistency stems from the overall change in relative valuations between all small caps and the big caps (not just biotech) that has developed over the last decade. People have been saying for years that this gap has to close sometime... People have also learned that biobucks aren't usually real dollars; and have been unpleasantly reminded many times just how risky any one drug candidate is and just how risky financial life is for undercapitalized small biotechs. PGNS really set things back as well, emphasizing that even a product with real sales isn't immune from risk. What could change things in the short term? Only some acquisitions or maybe an overall renaissance of small caps. Doesn't mean you can't make money in selected third tiers - just that it is likely to be slow and uncertain. OSIP has doubled in the last month on no announced news - but why this month rather than three months ago or next month I have no idea. Makes for rather uncertain investing. Peter

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