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Biotech / Medical : QLT PhotoTherapeutics (QLTI) -- Ignore unavailable to you. Want to Upgrade?

To: George Mc Geary who wrote (695)	10/15/1999 2:26:00 AM
From: ouija	Respond to of 1321

It wasn't a stampede, it was an elephant. In fact, a large block of about 600K shares traded in roughly two pieces, and the market makers probably still have some. Considering the market cap QLTI has reached in the last year, some portfolio manager must have decided to pull some off the table. Pretty sloppy job. Now with Greenspan jaw boning down the market for a day or so, it gets to be a real buying opportunity for a nice bounce.

To: George Mc Geary who wrote (695)	10/15/1999 10:12:00 AM
From: Ian@SI	Respond to of 1321

George, RE: Is there a possibility that the levels of money invested in these shares by institutions has exceeded their allocations and there was a necessity to sell and therefor book the profits? Sure it's a possibility but not a probability. 1.5M shares at $60 / Share is $90M. To exceed an allocation, the fund size would have to be less than $1B or $2B. Most funds that had a 1M plus share position regardless of purchase price would be much larger than that bogey. With 2 options expiration dates in a row seeing such high price volatility, I suspect that that is one factor. The article, at first blush, doesn't seem all that impressive. i.e. - even in the Placebo group, after 1 year there was no change in vision. What doesn't come out clearly is that without treatment, by 4 years all will be blind without QLT's treatment. And we still don't have a 2,3 or 4 year double blind study to show the overall and ultimate effectiveness of this treatment. I'm optimistic that once the longer term numbers come in, that Visudyne will shine. Even with the 1 year results, which IMO are the most pessimistic that will be seen, more than twice as many participants had a measurable improvement in vision. (16% vs 7%) In a nutshell, buying opportunity. Ian.