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

To: IRWIN JAMES FRANKEL who wrote (4203)	6/27/2001 10:26:49 AM
From: nigel bates	Respond to of 52153

FDA (not unexpectedly...) stick the knife in again - Message 16000057

To: IRWIN JAMES FRANKEL who wrote (4203)	6/27/2001 9:44:30 PM
From: Biomaven	Respond to of 52153

IJ, Haven't done any "scientific" studies on the reaction to offerings at all. On an observational level, the reaction to offerings marked the turning point in the big bubble last year. On the way up, stocks typically increased in price when an offering happened - presumably because some institutions weren't able to get their fill in the offering. When that premium disappeared, so did the bubble. Usually PIPES produce some weakness, as the buyers flip the shares quickly. Converts don't produce weakness until the conversion price is exceeded. No idea why the weakness in ITMN here. Might just be some short-sighted institutions reacting to earnings estimates coming down, or people not understanding their deal with AMGN (which I'm not completely convinced about yet myself). Peter