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

To: johnsto1 who wrote (1559)	9/2/2000 8:39:41 PM
From: Biomaven	Respond to of 52153

MLNM - where do you see it going near term. Well seeing it's my second-biggest holding, I hope higher. <g> In the very short term, there's the Biocentury conference next week. I would imagine MLNM has saved some goodies for it. If you look at news flow, I think you'll see a steady stream of announcements like we saw last week out of MLNM over the next few years. We should also see the Campath approval (although I'm not sure just how succesful a drug that is going to be). We're unlikely to see much in the way of bad news. If you look at the institutions, which are what mainly drives a stock once it reaches the MLNM market cap, my view is that they are going to continue to buy it without much regard as to whether it is "too expensive." If you need to put big bucks to work in "the genomics revolution" and you want a high quality, liquid stock, MLNM is one of your very few choices. From a purely valuation perspective, things are much harder. No earnings now, and significant earnings are still several years off. So it comes down to your faith as to whether MLNM can meet its ambitious goal of ending up as a major pharma. I believe they can, and that's why I continue to hold despite their precipitous climb. Obviously the stock would be quite vulnerable though if we see a correction in biotechs or if the momo players turn on it. Peter