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Biotech / Medical : Biotech vs. Shorts -- Ignore unavailable to you. Want to Upgrade?

To: EZLibra who wrote (79)	7/28/1999 11:09:00 PM
From: John Metcalf	Respond to of 427

> A biotech with earnings - amazing! Appreciate all your good work, Rick.< There are lots of biotechs with earnings nowadays. Many languish, until a second product produces earnings, and then they take off. Look at Immunex, a $10B biotech, which just sold $78mm or so in the latest quarter. If GLIA were ever similarly valued -- and it may be after several other ADCON products are on the market -- it would be worth $410 per share, on a PSR basis. I remember Merrill's Eric Hecht saying, 18 months or so ago, that IMNX was ridiculously overvalued at (split-adjusted) $36/share! There is tremendous value in companies that successfully introduce, and expand, new products.