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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (3689)	6/18/2002 10:14:08 AM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 17639

That's pretty much what they said about internet stocks too, "different animal", "promise of a blockbuster". IMNX went to $90, but is now back at $22 and I love it as a short at 24/25. I am not saying that you can't make money on the long side with biotechs (or that you shouldn't), just that you need to know that it is a speculative bubble just like the internuts of the 90s.

To: Dave Gore who wrote (3689)	6/18/2002 10:16:49 AM
From: SusieQ1065	Read Replies (1) \| Respond to of 17639

Dave...this is the best quicky overview on Biotech sector outlook... Message 17574783 If established outfits such as Merck (MRK 52.52 -0.68), Pfizer (PFE 34.54 +0.63), Amgen (AMGN 40.94 -1.85), Bristol-Myers Squibb (BMY 26.65 +0.45) are feeling the pinch, it's increasingly likely that the flow of funds into biotech will slow... Given the excessive burn rate of most developmental biotechs, that's not good news - especially when the market climate preclude's equity financing... Today's bearish developments merely add to a long list of concerns including the less accommodating FDA, several high-profile clinical setbacks, heightened competition, the BMY/Imclone (IMCL 8.30 +0.90) debacle, lack of a hot story (such as mapping of human genome), uncomfortably high valuations and a major technical breakdown (BTK index below 400)...