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

To: Ed Ajootian who wrote (1248)	10/6/1998 5:40:00 PM
From: BMcV	Respond to of 10280

Here's an interesting post clipped from the Yahoo board about the BS downgrade last week. Sounds like the stock just got ahead of the analyst's target (and Roger Maris stopped at 61 too). from hatch8335: Oct 3 1998 5:58PM EDT >> I am posting the original BS rating from 6/18. Sepr was at $41.00 on the day of the rating. Mr.Maris's 12 month price target was $45. It does not take a genius to read between the lines. His bias for Sepr at $65 would be neutral to a little high. Of course he has been wrong the whole time he has been covering Sepr. Why believe his analysis now?? He has only followed Sepr for 3 months. I do not believe that from this report, a large number of Bear Stears clients picked up Blocks of SEPR. What's to worry about. Bear Stearns Starts Sepracor with Attractive Rating; Buy (6/18) On June 17, analyst David Maris of Bear Stearns began coverage of Sepracor (NASDAQ: SEPR) shares with an Attractive rating and a 12-month price target of $48, which is 25 times his 2001 EPS estimate of $3.50, discounted at 35% for the two years. In his report, Maris cites SEPR's solid product pipeline, specifically the company's improved versions of Claritin, which is partnered with Schering Plough (NYSE: SGP), Hismanal, partnered with Johnson & Johnson (NYSE: JNJ), and Prozac, which is unpartnered at this time. Maris estimates that drugs launched by SEPR within the next five years could achieve sales of more than $3 billion, bringing the company both royalty revenue and product sales of $500 million by 2003. Nearer term, Maris believes SEPR's self-marketed Levalbuterol, an asthma medication that will be launched in late 1998/early 1999, should achieve 1999 sales of $37 million. Maris also notes the likelihood of positive news in upcoming months concerning SEPR-reconfigured compounds, such as fluoxetine (Prozac) and itraconazole (Sporonox). He cites as risks the difficulty that a start-up pharmaceutical company like SEPR faces when starting a sales force, and the fact that the company has no material revenue at present. I personally agree with the following further anylsis by II. With all due respect to Maris, we find SEPR shares better than Attractive. In fact, we rate them an outright Buy. Our price target on SEPR shares remains $100 by the end of the year. Updated 6/18/98 with SEPR at $41.00. <<