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Biotech / Medical : Texas Biotech (TXB)
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To: NVestor who wrote (111)3/9/1997 12:20:00 PM
From: MarcG   of 834
 
What risks and/or rewards are involved with the
March 17 announcement re. Novastan's ami1 phase
III clinical trial?
Right now the warrants are ahead of the stock
in that the warrants closed at a new high Friday,
2 3/16, whereas the stock closed 1/2 off the high,
7 1/4, at 6 3/4 Friday. The warrant has more
leverage, and along with that, more risk. The
warrant's value at this time represents 100 %
time premium and 0 % real value. This means that
investors and speculators are willing to pay a
little more than $ 2.00 today for the warrant
just to have the right to buy this stock at
$8.44 until the end of 1998. There may exist the
possibility the co. would extend the warrant's
expiration date. The significant increase in
this warrant's price recently suggests people
are becoming more bullish about the prospects
for this co. However, I do not agree that if the
stock rises $1.00 above the exercisable price of
$8.44 to $9.44 that the warrant would also
increase $1.00 since the warrant already has
at least a couple of dollars of time premium
inherent in its value.
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