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Biotech / Medical : Imclone systems (IMCL) -- Ignore unavailable to you. Want to Upgrade?

To: David Wise who wrote (120)	10/17/1998 6:35:00 PM
From: flickerful	Respond to of 2515

for what it's worth... i came across this september mention today. [note the ironic comment about gold.... it would be spectacular if biotech were to similarly rally in its footsteps...] Bloomberg News September 8, 1998, 1:43 p.m. PT Biotech Shares Gain as Amgen, Biogen Rally on Earnings Hopes Thousand Oaks, California, Sept. 8 (Bloomberg) -- The Nasdaq index of biotechnology shares gained 9.9 percent, a record one- day gain, led by Amgen Inc. and Biogen Inc. on hopes they'll report higher-than-expected earnings. Amgen, the world's largest biotech company, rose 5 15/16 to 69 3/4, while Biogen soared 5 3/8 to 55 3/8. Today's gains could mean U.S. biotech shares are poised to outperform other industry groups, investors said. Prior to today's gain, the Nasdaq biotech index gained only about 7 percent over the past three years, while the Standard & Poor's 500 Index rose 71 percent. The biotech index rose 26.67 today to 295.63, compared to its all-time high of 356.56 last October. ''Aside from gold, biotech has been the worst-performing group in the whole market,'' said Stephen Flaks, whose Flaks Partners LP manages $55 million. ''It's just absurd because there is more happening in the group than has been happening in its history.'' Flaks, who bought shares of ImClone Systems Inc. and Neurocrine Biosciences Inc. over the past two weeks, said biotech stocks could be the top performers in U.S. markets during the rest of this year. Amgen and Biogen rallied after Goldman Sachs analyst May-Kin Ho raised her recommendations on both stocks to ''Recommend List,'' saying they have limited exposure to emerging markets and economic cycles and should report strong growth in earnings. ''The fundamentals are clearly dictating that we're due for a rally, at least in the top-tier biotech names'' like Amgen and Biogen, said Jay Silverman, an analyst with BancBoston Robertson Stephens. ''These companies are not at all affected by global economies other than the U.S.,'' Silverman said. ''There are no worries about slowdowns and for the most part they're also launching new drugs.'' Jonas Alsenas, an analyst with ING Baring Furman Selz, said he's advising clients to buy shares in Centocor Inc., whose Remicade drug for the hard-to-treat gastrointestinal ailment Crohn's disease last month won U.S. marketing approval; Gilead Sciences Inc., which will release data on trials of a flu pill at a medical conference later this month; and Genentech Inc., whose Herceptin drug for breast cancer last week won backing of a Food and Drug Administration expert panel. Centocor soared 4 1/2 to 37 1/4. Gilead gained 1 7/8 to 20 3/4, while Genentech rose 1 7/8 to 68 5/8. --Jim Finkle in the San Francisco newsroom (415) 912-2996/dd