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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Cytokine1 who wrote (8167)	8/14/2000 10:22:13 PM
From: John Zwiener	Read Replies (1) \| Respond to of 9719

Update on Igen. From Yahoo board. The following article appeared today in Maryland's legal and business journal, "The Daily Record," under the headline "Execs Take Plunge." In an act of faith that experts in the biotechnology world say is unusual, two top executives of Gaithersburg-based Igen International Inc. last month exercised stock options to purchase 180,000 shares of their company at market price. At a time when most top biotechnology executives are selling their stock rather than buying more, such major insider purchases stand out, according to Chapin, Davis analyst and broker Luke Smith. On July 22, Igen CEO Samuel J. Wohlstadter exercised his option to buy 100,000 shares of the company’s stock at $20.63 — the market price for the day — and Chief Operating Officer Richard J. Massey purchased 80,000 shares at the same price, according to the company’s Securities and Exchange Commission filings. Stock in Igen, which manufactures products for detecting and measuring biological substances in pharmaceutical and other fields, has ranged between $11.50 and $41 on the Nasdaq in the past 52 weeks. “There have been many insider sales” in the biotech world of late, Smith said, “partly because a lot of biotech stocks have run up in the past year, [creating] chances to cash in with huge gains.” But Wohlstadter and Massey bucked the trend, risking “millions of dollars,” said Smith, if the stock were to fall drastically. “Contrast that with Gene Logic,” said Smith, “with over a million shares sold and none bought in the last six months. This is something you should pay attention to.” Igen should have plenty to pay attention to in the future, said Smith. “There’s a lot of things going on that will hopefully make these exercises look very smart,” said Smith. For example, the company is coming closer than ever to solving a costly dispute over royalties with Roche Diagnostics. Igen also formed a potentially lucrative alliance Aug. 2 with Bayer Diagnostics for the development of new products. Igen spokesman Steve Push said the executives acted on their confidence in the company and its future. “They have a tremendous amount of faith and optimism in the company,” Push said. “They believe it’s a good investment.” Both Smith and Push added that tax liabilities for such a stock purchase are significantly lower when the options are exercised at market price. “I watch the insiders because they know more about what’s going on in the company than anyone else does,” said Smith. And Wohlstadter’s reputation in the biotech industry does well to boost confidence in his judgment, Smith added. “Many would consider Wohlstadter very smart money in the biotech world,” the analyst said. “This is a well known venture capitalist in effect paying retail prices for a significant amount of stock.” Igen’s stock closed at $18.50 Friday, up a little more than 1 percent from Thursday.

To: Cytokine1 who wrote (8167)	8/15/2000 7:47:46 PM
From: Cytokine1	Read Replies (1) \| Respond to of 9719

VD's MODEL PORTFOLIO 8/15/00 Change -$15075 DOWN -0.88% Started 4/9/97, $100K . INDEX ^IXB DOWN -1.63% YTD EQUITY CHANGE 136.8% # CURRENT DAILY CURRENT COST TOTAL %GAIN/ % OF SYMBOL SHRS PRICE CHANGE %CHG VALUE SHR COST LOSS TOTAL ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= INCY 2000 71.28 -3.22 -4.32% 142563 53.63 107259 32.9% 8.4% BTRN 9000 10.00 0.19 1.91% 90000 8.104 72938 23.4% 5.3% NPSP 2000 35.00 0.06 0.18% 70000 5.50 11000 536.4% 4.1% CELG 5000 58.44 -2.00 -3.31% 292188 9.033 45167 546.9% 17.3% GZTC 1800 36.75 -0.25 -0.68% 66150 7.737 13927 375.0% 3.9% MOGN 2000 29.50 1.63 5.83% 59000 17.00 34000 73.5% 3.5% TRMS 2500 56.38 0.38 0.67% 140938 21.7708 54427 158.9% 8.3% SEPR 3000 96.44 -0.94 -0.96% 289313 62.571 187713 54.1% 17.1% CLTR 5000 25.00 -0.19 -0.74% 125000 16.756 83778 49.2% 7.4% VRTX 1500 124.13 0.50 0.40% 186188 70.083 105125 77.1% 11.0% MLNM 1000 109.00 -2.31 -2.08% 109000 50.000 50000 118.0% 6.4% PRCS 1000 40.75 0.25 0.62% 40750 34.000 34000 19.9% 2.4% GLIA 3500 22.75 0.25 1.11% 79625 17.563 61469 29.5% 4.7% STOCK ______ ______ ______ ______ 1690713 860802 96.4% 100.0% SHORT SALE CREDIT ______ ______ 0 MARGIN MTCE. EQUITY 87.8% MIN 30% (205462) BUYING POWER $ ______ 1279788 EQUITY (NAV) ______ ______ ______ 1485250 100000 1385.3% ^IXB INDEX 1,190 -19.70 -1.63% 302.42 293.4% NOTES: OPEN orders subject to available buying power--- Buy 1000 SEPR at $93.00 8/14/00 18500 SELL 2000 CGPI @ $9.25 8/14/00 -73000 BUY 1000 INCY @ $73.00 8/9/00 -103000 BUY 1000 SEPR @ $103.00 7/17/00 -34000 BUY 1000 PCRS @ $34.00 7/14/00 -33000 BUY 3000 BTRN @ $11.00 7/14/00 -33187.5 BUY 3000 BTRN @ $11.0625 7/11/00 14000 SELL 500 MOGN @ $28.00 7/11/00 92500 SELL 500 PDLI @ $185.00 6/16/00 22650 SELL 400 CELG @ $56.625 4/18/00 0 MLNM split 2/1, 500 shrs credit 4/17/00 0 CELG split 3/1, 3600 shrs credit 4/11/00 31687.5 SELL 1500 NBIX @ $21.125 4/9/00 -11055.86 FISCAL YEAR EXPENSES YR ENDING 4/8/00 4/4/00 -50000 BUY 500 MLNM @ $100.00 3/30/00 -37000 BUY 500 PDLI @ $74.00 3/30/00 -8200 BUY 100 INCY @ $82.00 3/21/00 33437.5 SELL 2500 EPPH.OB @ $13.375 3/17/00 -29500 BUY 1000 MOGN @ $29.50 3/10/00 -32500 BUY 500 VRTX @ $65.00 2/29/00 -72625 BUY 1000 VRTX @ $72.625 2/28/00 0 SEPR 2/1 split, credit 1000 shrs 2/28/00 99250 SELL 1000 ABSC @ $99.25 2/18/99 36750 SELL 500 ABSC @ $73.50 2/18/00 32875 SELL 500 TRMS @ $65.75 2/18/00 28987.5 SELL 200 CELG @ $144.9375 2/18/00 27600 SELL 100 INCY @ $$276.00 2/18/00 7712.5 SELL 200 GZTC @ $38.5625 2/18/00 9343.75 SELL 500 EPPH.OB @ $18.6875 2/10/00 16500 SELL 500 CLTR @ $33.00 2/2/00 -12968.75 BUY 500 NBIX @ $25.9375 1/11/00 -16000 BUY 1000 GLIA @ $16.00 1/11/00 -18750 BUY 3000 EPPH.OB @ $6.25 1/7/00 -30000 BUY 500 CELG @ $60.00 1/4/00 -20712.5 BUY 200 SEPR @ $103.5625