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Biotech / Medical : AutoImmune-AIMM

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To: Michael H. Dragon who wrote (32)	3/15/1997 2:18:00 PM
From: organ	of 298

As a general comment, interesting that information contrary to Bill Small's position is regarded as "hype", whereas positive news is regarded as "information". I am interested in your comments that you have seen precipitous drops in biotech stocks prior to the announcements of the clinical trials data. Are there any specific cases that you remember? It just doesn't make sense to me, as you have alluded to. This is a major drop, from 18 down to 12. It seems likely that people with advance information are selling the stock -- as I said before, if I have this info, who knows how many others do too. But I have not seen any evidence of insiders selling. A real condundrum here. -organ

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