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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: scaram(o)uche who wrote (376)3/3/1997 1:46:00 PM
From: Rudy Saucillo   of 6136
 
Rick, Today's (3/3/97) BioCentury has a couple of interesting notes (below) about the recent AGPH rumors. The important point is that AGPH has categorically denied that they are true. I believe AGPH's response. I also think we'll see Viracept approval without an FDA advisory committee hearing, probably sometime around mid-March. AGOURON SELL-OFF: After hitting an intraday high of $101 on Feb. 19, Agouron (AGPH) has been hammered. The sell-off has been fueled primarily by rumors, with the shorts, as usual, getting the blame. The rumors du jour include that contract manufacturers for the company's Viracept AIDS drug are running into trouble with FDA inspections; that the FDA has reversed its decision not to require an advisory panel ahead of the agency's review of the drug; and toxicities and side effects associated with Viracept's use. The company said there was no truth to the rumors. AGPH managed to climb back to hit $100.25 on intraday trading on Wednesday, but slipped to close Friday at $88, down $1.50 on the week. PaineWebber analyst Douglas Lind said the recent selloff of AGPH shares is unwarranted. The selloff was based on rumors that AGPH's contract manufacturers are having problems with FDA inspections, that the FDA had reversed an earlier decision not to require an advisory panel to review Viracept protease inhibitor for HIV prior to agency approval, and that Viracept is associated with major toxicities and side effects. None of the rumors are true, he said. His year end price target is $140. AGPH closed Friday at $88. Cheers! Rudy
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