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Biotech / Medical : Agouron Pharmaceuticals (AGPH)
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To: Rudy Saucillo who wrote (384)3/3/1997 3:49:00 PM
From: Rudy Saucillo   of 6136
 
OK, let me try this one more time. I see I'm still having trouble with
my hardware/software. :-(

There were 2 interesting blurbs in today's BioCentury which I've
copied below. The important point is that AGPH has
*categorically denied* the rumors that have been floated over the
past couple of weeks. I believe that we'll see Viracept approval
without an FDA advisory committee meeting, probably in the
mid-March timeframe.

Here're the items from the 3/3/97 BioCentury:

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 Veracept 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.

PainWebber 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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