Peter,
poor to the point where Sepracor excluded David Maris/BS from analyst conference calls
Maris at one point claimed this, but it is at least unclear that this is correct. Certainly he took part in the last CC (and in fact asked a reasonable question).
Here's our "shoddy journalism" update from Herb Greenberg:
Sepracor slight?: In an item yesterday, analyst Jordan Kimmel was quoted as saying that Sepracor's (SEPR:Nasdaq) management didn't own any stock. That prompted reader Robert Macek, from Ann Arbor, Mich., to accuse me of shoddy journalism because Sepracor's management owns 7.4%. You're right, Robert, they do. Kimmel's explanation: With a developmental stage biotech company, 7.4% might as well be nothing.
So certainly Kimmel wouldn't have suggested buying Amgen back in early 1994 with the stock around 10, given that management ownership at that point was a mere 3.3%, or Biogen at the same time at around 15, given that its management ownership at that point was 6.04%.
Incidentally, all these numbers understate ownership somewhat because they reflect only exercisable options (technically, exercisable within 60 days).
Peter |
