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

To: Mel Spivak who wrote (7703)	2/13/2000 7:51:00 AM
From: Mel Spivak	Respond to of 8116

Analyst on CYTO: The rash of secondaries is very encouraging. Captial is JUST STARTING to flow into the sector. The frequency of biotech IPO are increasing, too. Also this news story.... Investors are pleased by the rapidity with which Cytogen is building its database of protein interactions and are reassessing the company's value, said Wayne Hummer's Becker, who doesn't cover Cytogen for his firm, but publishes analyses on the company as the editor of the Beck On Biotech newsletter. As reported Thursday, Cytogen is moving faster than the competition in the race to map protein interactions. Though the company wouldn't disclose how many proteins it has mapped so far, it has said its system will be able to log 200,000 protein interactions a month by mid 2000. CuraGen Corp.'s (CRGN) database contains descriptions of more than 10,000 interactions, while Myriad Genetics Inc.'s (MYGN) contains about 50,000 and is growing by 75 proteins a day, according to the Feb. 4 issue of the newsletter. "There's a rather large disparity between where CuraGen and Cytogen are valued" in light of that information, said Becker. "That's what people may be focusing on." "If Cytogen is tenfold quicker, that's obviously worth a premium or parity," he added. CuraGen has a market capitalization of about $2.7 billion, a number reached by multiplying the share price by the 15.9 million shares outstanding. CuraGen recently traded at 167 17/64, up 3 45/64 or 2.3%, on volume of 273,700 shares, compared with average daily volume of about 306,000 shares. Its stock closed at 163 9/16, up 23.9% or 31 9/16 Thursday, after reaching a 52-week high of 179 intraday. By sharp contrast, Cytogen, which has 70.4 million shares outstanding, currently has a market capitalization of $893.2 million. -Riva Richmond; Dow Jones Newswires; 201-938-4046