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

To: tom pope who wrote (14263)	11/20/2004 8:57:41 PM
From: Ian@SI	Respond to of 52153

From Barron's +ve spin on ALNY: online.barrons.com TECHNOLOGY TRADER Treating Disease by Killing the Messenger by Bill Alpert Alnylam Pharma cuts cholesterol with a new biotech therapy that makes monoclonal antibodies look old hat. +++++++++++++++++++++++++++++++++++++ And from Part II of the interview, a different view of big pharma ... Q: There is no risk premium on stocks? A: No. Our models show a negative premium. The only sector that stands out as having really meaningful value is the drug industry. How is that for controversy? The big drug stocks, Johnson & Johnson, Pfizer, Merck. The prices are low. The P/Es are low. Everybody is liquidating them. The sentiment is terrible, and yet here is the largest industry in the country, representing 15% of GDP and growing at a faster rate than the GDP. The sector is very attractive. Generally, we are known as big-cap investors. We invest in companies that pay dividends. We particularly like companies that raise their dividend every year, and we particularly like companies that raise their dividends at a rate above inflation. That's another reason we like the drug stocks. online.barrons.com