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Biotech / Medical : Closure Medical (CLSR) fomerly Tri-Point Medical (TPMC) -- Ignore unavailable to you. Want to Upgrade?

To: David S. who wrote (88)	1/31/1998
From: lawrence lerner	Read Replies (1) \| Respond to of 184

Lehman's report indicated that 1)they're a market maker for closure; 2) they managed or co-managed the underwriting of closure securities within the past three years. For purposes or the report, their clients would receive info first. If negative, their clients would be able to sell first; positive, they would buy first. The Lehman report indicated a near-term target of $30, but should price near its high: watch out below(my interpretation). Didn't see fair value of $20, however, only that their 98 and 99 estimate of eps is one third of the street estimates. Basically, I do not trust analysts, especially if they are connected to the security, imho and from experience. I felt there was short selling at the $30 open and it did not surprise me to see the drop to $28. My first observation of the opening of trading in the afternoon showed the high at at 30.50 with volume approximately 28,000, price $29. When I next checked shortly thereafter volume was approximately 100,000 more and a drop in price in the $28 range. To me, that is short selling. Monday--2 possibilities: 1) open higher on the news with a subsequent drop below the open, close below $30, or, 2) drop at the open and remain below the open. I don't believe all the shares that were previously restricted and released a couple of months ago, sold off for the profit. I think they were waiting for the approval and a higher price. Assuming, realistically, that they were very cheap shares, why not wait for 98 and approval. That, in and of itself would create selling pressure. I originally bought in at $8 and have traded it up into the $30's. I think I know its movement patterns. I also would admit to a level of paranoia. It's late, I'm rambling. Sorry for not having a nutshell.