To: lbw29 who wrote (1653 ) 1/11/2000 8:50:00 AM From: TFF Respond to
If it has Genomics in its name or company description, then the stock is likely trading sharply higher today... Genomics stocks been surging since early December, ignited by news a group of international scientists had mapped the entire sequence of the protein-coding genes of chromosome 22, the second smallest of the 23 pairs of human chromosomes, and the first to be completely sequenced... Aggressive buying of the leading names in this group has evolved into a momentum theme rally that has ignited vertical price moves in almost every company with a hand in the genomics field... Analysts have helped fuel the frenetic buying by pushing up their price targets to accommodate the rapidly expanding market-caps. This morning, for example, Robertson Stephens boosted its price target on Affymetrix (AFFX 174 7/8 +21 5/8) to $180, despite having downgraded the stock just one week ago, at the time, citing the substantial recent price increase in the stock. Firm also appears to be facilitating the momentum game with the initial $108 price target issued this morning on recent IPO Maxygen (MAXY 77 +19 11/16). The target suggests 575% upside to company's $16 IPO price... Firm calls Maxygen the leading "next generation" genomics company, having pioneered the field of molecular breeding. Views MAXY as core holding in the genomics sector, noting that it sees potential returns similar to those of Affymetrix and Millennium (MLNM), which have soared 520% and 410%, respectively, over the past 52 weeks... Below we look at valuations and price changes in some of the genomics names over the past month. Like Internet stocks, valuations in this group based solely on guesstimated growth prospects, which in many cases will never be realized. But who has time to worry about such trivialities when the bull is running. - DS
