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Biotech / Medical : Agouron Pharmaceuticals (AGPH) -- Ignore unavailable to you. Want to Upgrade?

To: Bryan Arnold who wrote (4352)	5/20/1998 8:32:00 AM
From: sam	Respond to of 6136

Merrill Lynch is making a market in AGPH (again).

To: Bryan Arnold who wrote (4352)	5/20/1998 10:43:00 AM
From: George T. Santamaria	Respond to of 6136

Based on what I know about ML analysis, this makes perfectly good sense. They incorporate nothing but those facts that they know for sure and come out with a seemingly ridiculous result. However, it is noteworthy that a one-product Co. with a revenue stream having no growth in 3 years and, possibly, death after that, can't be worth the 28 or so P/E that they cited in their report. The "analysis" is nothing more than a veneer hiding ML's tendency to follow, rather than lead, the herd.