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

To: scaram(o)uche who wrote (936)	4/13/2000 12:34:00 PM
From: biowa	Read Replies (2) \| Respond to of 52153

Rick, The ST question may be: we were due a biotech rally, did this premature momo run kill that pent-up rally, or are we still waiting for a rally built on fundamentals? Of course, LT the next rally will come along and we should look to buying stocks that we don't mind holding for two or three years to get a 40% apr. BTW, no one held the analysts accountable for telling the biotechs they had no choice but to be acquired either did they? biowa

To: scaram(o)uche who wrote (936)	4/19/2000 5:14:00 PM
From: Thomas M.	Read Replies (2) \| Respond to of 52153

re: analysts looking silly and your post on the GENE thread On 2/15/00, Morgan Stanley Dean Witter began a Sepracor update with: Biotechnology stocks are going up. Note that we say this in the context of a long-term outlook. While there may be short term fluctuations in valuations with the normal peaks and troughs associated with the volatility of the sector, we believe the underlying trend line will be positively sloped. Therefore, while we will continue to address near-term drivers of the stock price, our focus for valuation will be longer-term oriented. As a result we are shifting to three-year price targets for many of our coverage companies including Sepracor. IMHO, this was a very thinly-veiled excuse for slapping much higher price targets on the stocks because they were blowing through rational targets like a hot knife through butter. Tom