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

To: Icebrg who wrote (8399)	5/19/2003 7:59:18 AM
From: Doc Bones	Read Replies (2) \| Respond to of 52153

07:29 ET DNA Genentech cut to Sell at BofA (37.90) -- Update -- In a case of what seems to be unfortunate timing (see 7:17 comment on positive Avastin data), Banc of America downgraded DNA to Sell from Neutral based on Avastin concerns; firm believed that DNA's Avastin Phase III trial in colorectal cancer, "due out this summer," has a significant possibility of not showing a statistically significant improvement in survival; cuts target to $30 from $34. I wonder if this might have been available to some clients on Friday. Seems to be bad timing, as they say. Or it could have been a reaction to Friday's dump also. Doc

To: Icebrg who wrote (8399)	5/20/2003 7:04:33 AM
From: Icebrg	Respond to of 52153

>>It is good that sellers learn that good news may also strike at any moment>> More (relatively) good news today. Elan and King have settled their differences and their Skelaxin/Sonata deal will go through. (Not that I understand why anyone would like to buy Sonata in the face of upcoming approvals for ESTORRA and Indiplon - but that's another story). Mid-April (the last date available) Elan had a short position corresponding to a little bit more than 10 days of normal trading. A sizeable number with other words. Today's agreement will make it possible for Elan to exit the Lyoncage, which they have been occupying for almost a year and half. The road ahead is not clear yet, but the chances have improved. The next big thing should be the presentation of Antegren data for Crohn's disease sometimes during the summer. If these are good (phase II-like or so) things will start looking brighter again. Erik