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

To: Biomaven who wrote (4418)	8/7/2001 3:22:14 AM
From: Icebrg	Read Replies (1) \| Respond to of 52153

Biotechnology: Poised for a Strong Finish to 2001 Michael King, Biopharmaceuticals "Thus far in 2001, the AMEX Biotechnology Index (BTK) is down 17.2%, compared to a 16.4% decrease in the NASDAQ index," said King. "However, the BTK has underperformed the DJIA (down 2.6%) year to date, as investors continue to adhere to a relatively low-risk approach to the markets. Over the last ten years, almost all of the upward movement for the BTK has occurred in the last the last five months of the year. In no year over the last decade has the BTK closed the year below its level on August 1. We believe that the biotech group is poised for a similar rebound this year and expect a number of significant data presentations at academic conferences between now and year-end to serve as the primary valuation driver. Additionally, the expected appointment of a new FDA commissioner and approval of Amgen's (AMGN $61.91) potential blockbuster drug, Aranesp, before year-end will likely act as a psychological boost for the group. In our opinion, investors should begin to accumulate positions in leading large and mid-cap companies ahead of the fall academic conferences to benefit from the full effect of this expected rally. We expect anticipation of the European Society of Cardiology (ESC) and ICAAC conferences in September to jump-start any rally." robertsonstephens.com