To: Clang who wrote (89700 ) 3/22/2000 2:29:00 PM From: Jenna Read Replies (1) | Respond to of 120523
TRIBY triggers.. PARS, GLGC, ABSC, GENE, ALKS, CELG timed just right.. only got in on dip was ABSC although bought in negative territory it was 75% from day lows. Still holding PTIX up from 31 buy trigger is now 40. SCII called at 44 is now 53 5/8. 3/22/00 - Biotech Bath ... Assessing Genomics Stocks, Plus Protein Design Labs Focus of 'BioTalk' Today With Analysts Michael SACRAMENTO, Calif., Mar 22, 2000 /PRNewswire via COMTEX/ -- The fickleness of Wall Street is in full display with the sudden reversal in biotech stocks. Darlings only weeks ago, the stocks are pariahs now. The Nasdaq's Biotech Index has dropped more than 500 points since its high of 1620 earlier this year while the American Stock Exchange index has plummeted almost 300 points from its 806 peak. Soaring since the first media news about genomics hit the public consciousness in mid-December, those stocks hit a brick wall last week when statements from President Clinton and British counterpart Tony Blair about genomics prompted a punishing selloff. And yesterday, a patent denial affecting high-flying Protein Labs (Nasdaq: PDLI) caused further roiling among biotech stocks. For insight into the bumpy biotech sector, turn to today's "BioTalk from the Beltway" carried from 11 a.m. - noon EST at www.broadcast.com/shows/biotech or www.informedinvestors.com, or via dial at WMET 1150 AM in Gaithersburg, MD. Listeners can send questions in real-time via email during the show to co-host Tim Quast at tim@informedinvestors.com. At press time, executives from Protein Design Labs were en route back to corporate headquarters, and a spot in the last half of the program has been reserved for an appearance. Shares of PDLI dropped nearly 30% Tuesday following an announcement that the European Patent Office revoked broad claims on one of the company's two patents that cover the humanization of monoclonal antibodies. PDL said it will appeal. Assessing the biotech sector, high-profile patent disputes as PDLI and Human Genome Sciences, and particularly the free fall in genomics stocks, will be Michael King, biotech analyst at Robertson Stephens, and Eric Schmidt, biotech analyst at SG Cowen. King covers several prominent stocks in the genomics space including Affymetrix (Nasdaq: AFFX) and Gene Logic (Nasdaq: GLGC) . Schmidt's coverage area includes Celera (NYSE: CRA) and Myriad Genetics (Nasdaq: MYGN).