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

To: Jim Oravetz who wrote (957)	4/16/2000 10:55:00 PM
From: Harold Engstrom	Read Replies (1) \| Respond to of 52153

with respect to Amgen, Biogen, Chiron and Genzyme, my own thinking is that Amgen is overvalued (16% consensus projected growth, 54X earnings), Biogen needs some good pipeline news (Antova and VLA4 both halted in the clinic last year), Chiron has low growth. But... Genzyme looks pretty solid: 20X trailing earnings, management on record for projecting 20%+ growth for the next 5 years, a solid balance sheet. Never understood why call or put volume is indicative of anything: for every buyer betting one way, there is a seller betting the other way. Can anyone enlighten this options neophyte?