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To: needawin who wrote (13612)	5/5/1998 12:14:00 AM
From: Jeffrey S. Mitchell	Read Replies (2) \| Respond to of 17305

Needawin, sometimes being outside a sector actually works to your advantage. In the case of ENMD I knew nothing about them until I read the NY Times article and thus reacted like one of the mass-media induced herd I guess. For example, when PLSIA was granted an FDA license for their teeth-whitening laser, the stock barely moved. Then the Wall Street Journal did a story about them and the stock went from 6 to 18 the next day. With ENMD, everything reported in the press was a rehash of what was reported by the company in Nature. In other words, don't underestimate the power of the mass-media! As for other biotech stocks, I am on record here for being a fan of RIBI. I don't like the management, just the product. Unlike ENMD,RIBI has already completed Phase III trials on humans and should within the next few days to months get approval in Canada for a cancer vaccine-- which would be a first anywhere in the world. SGP (Schering Plough) has already signed a contract with them worth $30M for worldwide rights (outside of Canada). - Jeff

To: needawin who wrote (13612)	5/5/1998 1:34:00 AM
From: Andrew Vance	Read Replies (2) \| Respond to of 17305

AV--Just an interesting thought about the BMY run up today. They own in the neighborhood of 1 million shares of stock. At the high today, that stock increased in value to the tune of $70 million and ended the day up close to $40 million dollars. Correct me if I am wrong Scott, but that unrealized or realized appreciation would be found on the ASSET side of the financials under Cash, cash equivalents or short term investments. Either way, it should drop to the bottom line handsomely for the next quarterly earnings. This value should also drop, intact, to the Liabilities portion of the financials as an increase in shareholder equity. With 1 billion shares outstanding, a $40 million gain in share appreciation translates to 4 cents per share. If we multiply that by the trailing PE of 33.5, we get an equivalent price run up today, (portion attributed to the ENMD run up) of $1.34, which is $2 less than the share price incease today. So, BMY went up $2 on its own and $1.34 based on its investment in ENMD. Andrew