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

To: LLCF who wrote (380)	9/15/1999 10:43:00 AM
From: Biomaven	Respond to of 52153

Here's a Mike King rec on VGIN: Headline: BancBoston Robertson Stephens Initiates Coverage of VGIN with a Buy Rating ====================================================================== SAN FRANCISCO--(BUSINESS WIRE)--Sept. 15, 1999--BancBoston Robertson Stephens senior biotechnology analyst Michael G. King Jr. today initiated coverage of Visible Genetics (NASDAQ:VGIN) with a Buy rating. Visible Genetics is a leader in HIV genotyping, having developed the TruGene(TM) HIV-1 Assay to determine virus genotype and thus better understand the patient's resistance profile to more effectively prescribe Highly-Active Anti-Retroviral Therapy (HAART). "We are initiating coverage of Visible Genetics with a Buy rating," said King. "We view the market opportunity for HIV genotyping as large, based on Roche's Amplicor Viral Load assay, which is used more than two million times per year in North America. In our view, the TruGene HIV assay could become a standard of care, serving as a valuable diagnostic tool in the management of HIV." "Visible Genetics' comp group is trading at 14.5 times the last-twelve-months revenues," said King. "We have therefore set a 12-month price target for the company of $32, by applying a 12 times multiple to our 2000 revenue forecast of $35 million." Not sure if their valuation methodology makes much sense, particularly as VGIN has kind of switched direction from hardware manufacturer to clinical tester, but I'm still happy as I've held onto the shares I bought in July at around $12: Message 10440755 Peter