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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Vector1 who wrote (5161)	6/19/1998 11:08:00 AM
From: Biomaven	Read Replies (1) \| Respond to of 9719

V1, One short-term caution on AGPH is that Lehman cut their next year's earnings estimate based on the new deal. AGPH is in the awkward middle ground between being valued based on earnings and being valued like a proper biotech should be <G>. We may see (or have already seen) some weakness caused by this earnings downward revision. The ARQL downgrade allegedly based on an earnings push-out is a cautionary note to what happens when valuations start to have a large current earnings component. I agree that AGPH looks attractive. An options play is not crazy based on the expectation that some good news comes out of Geneva. BTW, the explanation for APTH's holding up in the face of the Russell deletion (see my discussion yesterday) was revealed today - it's up sharply after a SKB pact was announced. Peter