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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer -- Ignore unavailable to you. Want to Upgrade?

To: the eagle who wrote (691)	2/18/1998 7:07:00 AM
From: David Cathcart	Respond to of 1826

Eagle, << did you see the post on yahoo about insider buying that was attributable to some newspaper article. has anyone else seen this article and, if so, maybe it could be posted on this thread.>> I think that was a reference to an article in the Star Tribune (Minneapolis - St. Paul). If I remember it correctly, it was an article on the shares purchased by Joseph Frelinghuysen, who now has 105,000 shares. Wouldn't it be nice to be sitting on that kind of position? However, it is probably safe to say that I have a greater percentage of my net worth in MOGN than Joe does. Since he knows a lot more about MOGN than I do, I sure like to see him buying. << in bioteck this seems like a no brainer up to about $10. Plus.someone argue with me and tell me why my argument is flawed>> I'm obviously not the one to tell you why your argument is flawed but I may be able to help explain the low share price. Perhaps the depressed price of MOGN could be somewhat explained by the fact that it is a turnaround situation. Turnarounds take time and they rarely move quickly enough for Wall Street. Every investor likes to think that he or she has picked the right time to buy in these situations, but that is rarely the case. A few years ago, MGI Pharma introduced Salagen for head & neck with a fair amount of fanfare and high expectations. The stock went up to over $20 in early 1992. As the true size of the head & neck market became realized, the slow painful process began for many early investors, and the disappointment of dashed hopes sticks a company like Velcro. Adam Hefian is representative of investors that expected much more much earlier. Today MGI Pharma is a different company with great promise. Chuck Blitzer - brought in by the board in 1996 - brings new leadership to the company. Salagen has a new and much bigger market. MGI-114 is on the doorstep of phase II. Maybe you are the investor that has picked the right time to buy in a turnaround situation. David