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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: M. Ramle who wrote (934)	6/24/1998 6:39:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 10280

Mazen, Even when compared to other biotech companies such as AMGN, MEDI, BGEN, ENMD, IMNR and others, SEPR seems to be faultering behind This is a very selective list you are looking at. AMGN has buyout rumors, MEDI has a significant new drug approval, BGEN settled a patent dispute and worries about royalty declines have lessened, ENMD is down from 80 <G>, and IMNR had a very significant deal with AGPH. In other words these have all had recent favorable news/rumors of one sort or another. If you look at the broader biotech index, you will see that SEPR has held up very well in comparison. The fact is there hasn't been any hard news out of SEPR for a while. The last news there was (the Nori trial results) was muted as SEPR was forced by its partnership into big pharma disclosure mode rather than the biotech mode we were used to. SEPR's price is a struggle between the people who are prepared to look ahead 4 or 5 years and those who want to know what next quarter's loss is going to be. Unless or until I see some reason to change my long-term view of where this company is going to be in 5 years, I am not going to let day-to-day price fluctuations sway my view on the company. I've never sold a share of SEPR yet, and see no reason to do so now. Peter

To: M. Ramle who wrote (934)	6/24/1998 7:02:00 PM
From: M. Ramle	Read Replies (2) \| Respond to of 10280

To Teabury22 from the YAHOO Board: In order to answer your question, one does not need to be a rocket scientist to do some simple math and figure out a value for SEPR (after all, this is what WallStreet is all about. Assumptions and projections). With certain assumptions in place, such as a very conservative EPS of $5.30 in year 2002 as has been reported by several Analysts and based on FDA approval of Levalbuterol and today's collaboration agreements that have been signed, a P/E ratio of 30 and a discount rate of 25% per year, would clearly give you a price of ~$51-$52, which would be about 19% higher than where the stock is trading at right now. On the otherhand, if these assumptions prove to be wrong or incorrect, then your guess is as good as mine !!!! No, I have not sold any of my shares yet, but if it pleases you, I promise I will let you know when I decide to do it. I am just afraid that it might take the price of SEPR down considerably. I believe there were (3) large-size blocks (2x25,000 & a 12,500) traded today on the buy-side, but nothing to brag about. The daily volume was right about average. Finally, another stellar performance by SEPR today: up a whopping 1/4 pt. with the DOW, Nasdaq & the Russell all flying through the roof. Take a look at AMGN, BGEN, MEDI, IMNR, ENMD and many others in the bioteck group, and tell me if SEPR is not under-performing ??? Mazen