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Biotech / Medical : Sepracor-Looks very promising
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To: M. Ramle who wrote (2397)4/16/1999 6:31:00 PM
From: Biomaven  Read Replies (2) of 10280
 
Bob and Mazen,

I doubt the director selling had anything at all to do with this letter. Remember they can likely only sell during certain windows after earnings are released, so short-term timing of sales doesn't usually mean much.

What has been incredible about SEPR has been the lack of options-related selling. If you look at the 10-K, you'll see that there is about a $100m potential gain in currently exercisable options for employees as of year end. Virtually every other company I know that has had a similar run-up has had far more in the way of insider selling than has SEPR. SEPR employees are basically telling us that they are leaving their stake on the table; diversification be damned.

I do want to say again that it's important not to blow this letter out of proportion - this was just a sharp but pretty routine reminder to SEPR that they are living in a different world now when they speak - one governed as much by the FDA as the SEC.

Peter
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