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Non-Tech : Nabi (NABI)

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To: tom dooly who wrote (86)	3/13/1997 6:37:00 PM
From: The BayWatcher	of 354

To All: There was a DLJ biotech conference call today at 4:15 and NABI was highlighted once again. The DLJ analyst covering NABI (Alex To) reiterated his strong buy on NABI and target price of 21 citing it has a short-term growth rate of 35% and higher than 35% in 3-5 years. He noted that at the current price, NABI sells at a PE of 20 based on his estimate for FY97 of .50 earnings and that there are 11 products in development. The analyst said he expects NABI to issue a "strong report card" at tomorrow's analyst meeting and finished by saying that NABI represents a "timely and solid investment." In the question and answer period, a friend of mine asked him to comment on NABI's fair value and he said that current fair value is 17.5 (.50 earnings times 35% growth) and that based on his FY98 target of .79 the stock should trade higher than 21 later this year (actually 27.65 when you multiply .79 by 35). We also asked him about the possibility that NABI may run out of HBIG before HBIG-IV is approved and he said that he was not worried about this since NABI has a 9-12 month supply and that FDA approval for the formulation change (not new product) should occur in less than 9 months. He said that NABI will probably give a timeline for FDA approval at tomorrow's meeting and should reassure analysts that HBIG supply should not be a problem. He expects NABI's share price to move up as a result of the analyst conference. The DLJ analyst also gave an industry review for biotechs and said he is making a "bullish call" based on (1) visible event calendar for biotechs incl. Immunex, Biogen, Amgen, NABI and others; (2) biotechs should do well when conventional stocks are choppy (like today) and tech stocks weak since growth funds will look to biotechs; and (3) there is moderate pick up in new IPOs (and most are of good quality) as opposed to big pick up of speculative companies (which woud be bad for the industry). I suspect NABI will test resistance at 12 in the next 2 weeks since, in addition to the analyst conference, they should announce FDA filing for HBIG-IV by March 31. Good luck to all.

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