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Biotech / Medical : Zonagen (zona) - good buy?
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To: Linda Kaplan who wrote (6441)4/29/1999 12:38:00 AM
From: Bruce Rosen  Read Replies (2) of 7041
 
I think you are wise to have lightened up on your short position. If Vasomax was rejected outright by the FDA, we would most likely see a 10 to 15 point drop from this level. If it were approved, I feel we would see Zona surpass its old high of 45, a 25 point or more rise. With approval causing greater institutional interest and possible heavy short covering, it could go considerably higher than that. I believe anyone short at that time is risking an even greater debacle than those long.

The frenzy after approval might be a good time to short more if you could time it right and take quick profits. I admire your courage to be willing to sit with your short position for three or four quarters in what could be a very hot stock, post-approval.

Do you think that before the FDA decision is announced, some large institutions might begin to buy Zona in the hope of riding the stock up on approval? Might this induce some short covering?

Interesting times lie ahead.

Good luck,

Bruce
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