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To: Julius Wong who wrote (2410)	3/14/2000 6:02:00 PM
From: Julius Wong	Respond to of 4916

Morgan Stanley Dean Witter's Douglas Lind, M.D. Today's topic: Why Biotech Will Continue to Rise Douglas Lind, M.D. Ask the Analyst Valuations of biotechnology stocks have climbed to unprecedented levels. My main thesis, however, is that these stocks have a lot further to climb. And in the current environment, much of that upside potential could be realized this year. I say this in the context of a long-term outlook, and I believe that the prices of biotech stocks will continue to rise for several reasons: Spending on drugs is likely to increase as a percentage of the healthcare dollar; outlays for biotechnology products should increase as a percentage of the drug dollar; genomics and other technologies are speeding the understanding of disease and the development of drugs; investors' time horizons are getting longer; virtually unlimited capital is chasing relatively limited supply; and attractive investment alternatives are hard to find. Of the factors mentioned above, I am very excited about the potential for genomics to revolutionize medicine, much like the Internet has become a revolutionizing force in businesses. This concept should be reinforced throughout 2000, as genomics companies are expected to produce an increasing wealth of information -- from disease pathways, to drug targets, to the mapping of genetic variations. Biotechnology is a high-risk, high-reward industry, and is appropriate only for investors who can tolerate high volatility. I recommend individual investors take a "basket" or portfolio approach to the group. This makes it difficult to narrow our coverage universe to a few favorite stocks, but my top picks are MedImmune (MEDI - 191 7/8, 3-year price target is $276), Biogen (BGEN - 84, 3-year price target is $139), and Sepracor (SEPR - 112 ¬, 3-year price target $352). Prices as of March 10, 2000 and are subject to change. multexinvestor.com