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

To: Harold Engstrom who wrote (646)	2/17/2000 3:51:00 PM
From: Biomaven	Respond to of 52153

Harold, And of course a huge potential upside if their Athena AD vaccine works out. I've heard of some enthusiasm for this project among researchers in the area. Peter

To: Harold Engstrom who wrote (646)	2/17/2000 6:37:00 PM
From: paul ta	Respond to of 52153

From CBS Market Watch An article on biotech movers today, after the usual stuff came this. About half the article on stocks going up, then this warning. Familiar? The same sort of warnings to investors in .com stocks? " Caveat emptor While genomics is a transforming set of technologies that do have great commercial potential, ING Barings analyst Paul Kelly said investors are buying indiscriminately, driving the share prices up to levels that can't be sustained indefinitely. Kelly said investors are willingly interpreting a recent spate of "nebulous" press releases as evidence of fundamental discoveries, that may or not be commercially viable, he said. "The market is acting as if each one of these translates into enormous commercial opportunity -- the next day," Kelly said. The question for investors is, "when does the euphoria abate?" he said. Kelly said when evaluating investment possibilities, investors should keep an eye on revenue growth as a measure of how well companies are delivering on their business plans. "Watch out when the core business stops being the engine of growth. It likely means the business is in transition and is probably under pressure," he said. Investors should also keep in mind that the validity of gene patents has yet to be tested, analysts said. "