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

To: FiloF who wrote (10776)	3/3/2004 10:19:53 AM
From: Biomaven	Respond to of 52153

BIIB / Antegren The beauty of a paired short like BIIB/ELN is that you don't have to fully analyze both companies - you just have to be able to compare them. That report clearly indicates that any excitement for BIIB comes from Antegren - the rest is OK but unexciting. But if Antegren is the big driver, clearly ELN is the better bet, as it's much more dependent on Antegren's success. As I mentioned before, BIIB and ELN have approximately the same number of shares outstanding, so they should move on Antegren news roughly dollar for dollar (with the added kicker on the upside that ELN's shaky finances get bolstered and BIIB suffers some cannibalization of Avonex). Peter