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

To: scaram(o)uche who wrote (757)	3/4/2000 1:23:00 PM
From: A.J. Mullen	Read Replies (1) \| Respond to of 52153

Richard, I sold some INCY and bought into HGSI in Jan after realising HGSI might have fewer patents, but those they had were more secure than Incyte's. As Peter pointed out, the huge run-up enables biotech to pursue their own leads. This has made the HGSi approach much safer than it was last year. That was another reason for me to spread my Incyte investment to HGSI. I was going question your note to Peter, that the biotech had to get busy with Mergers and Acquisitions. I was going to ask how this would help because all the biotech seemed to have had such a run. In your message to me, though, you say there are still bargains out there. Maybe you are right. I held some CBMI that had been struggling for years and was just beginning to see the light of day. They announced a three-way merger. One of the other companies had "genomics" in its profile. The price of CBMI went through the roof. Unfortunately I sold somewhere on the way to the second floor. To me, the jump was symptomatic of the froth in the market, but maybe there was real value that I missed? Ashley