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

To: Spekulatius who wrote (3888)	5/28/2001 1:57:34 PM
From: scaram(o)uche	Respond to of 52153

>> Biotech's indeed have had a wonderful run and many stocks are up 50-100% from their lows in April. << Ralf: I think that was Greed's message...... the article was written at that time. We commented on it in this thread. >> the stocks will have to go down. << Companies that have both cash-in-bank and a pipeline are now largely independent of liquidity. In any event, the mind set of the successful biotech investor is "find stocks that won't go down". There have always been and there will always be situations where "research premium" is significantly discounted relative to absolute value. "Absolute value" and biotech? The jerks at TSCM would laugh. Otherwise, I agree with you. I've gone from mostly cash to leveraged on margin and back to a large cash position (about 45%) within the last two months. Momentum trading on news is coming back into favor, and there's always another Immunex-like situation around the corner. Cheers! Rick