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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Watcher who wrote (25996)	2/8/2000 5:38:00 PM
From: hoffy	Read Replies (1) \| Respond to of 52051

FIRST UNION RAISES PRICE TARGET TO $97 on NGEN! Here are "KEY POINTS" quoted exactly from report issued today 2/8/2000. This stock has another 20 points easily KEY POINTS -- Nanogen is announcing very robust results from the third and final beta test site for its Nanochip system. The Nanochip platform was found to be 100% accurate in genotyping, or identifying single nucleotide polymorphisms (SNP's) in 200 patients, totaling 2400 individual SNP calls. -- This accuracy compares very favorably with current DNA sequencing technologies which, at the test site, had error rates approximating 8%. We believe this improvement over current genotyping tecnologies gives Nanogen a clear advantage, as genomic analysis turns to functionality from gene sequence. -- We expect the company to launch its first generation NanoChip system in the second half of 2000, targeted toward the biomedical research market. We estimate the potential market for Nanogen's technology to exceed several billion dollars. -- Nanogen's NanoChip platform is expected to be used in the biomedical research market, the clinical diagnostics market, and other related applications, including forensics and food and water quality monitoring. -- We are reiterating our 1, or Strong Buy, rating on Nanogen shares and are increasing our 12-month price target to $97 from $48, based on a shift in valuation methodology from a relative P/E to relative growth rate comparison with a biotech peer group to a more accurate market capitalization to forward revenue-to-revenue growth rate comparison to a genomics peer group.