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

To: Bob Swift who wrote (1267)	10/8/1998 2:25:00 PM
From: BMcV	Read Replies (1) \| Respond to of 10280

It's probably pointless now to speculate about the analyst's motives, but it does seem he has no particular commitment to the company over the longer term. My guess is that he found the stock last spring, started coverage, got lucky, and now the market is melting away wanted to lock in his 50% increase on his analyst's report card. "Look what I did for my clients!" Sure, he got them a quick 50%, but he got them out of one of the great long-term growth stories about 500% prematurely. It doesn't take a genius to kick down a speculative stock (which SEPR is, of course) in a down market. And it is interesting that he didn't have the guts to make his call when the stock had upward momentum, and trading 10 points higher. If it's overpriced at 62, how about 72? One intriguing, nutty thought is that he did all this not for his petty career purposes but as part of some bigger plan. His initial downgrade Friday hardly fazed the stock at all, so he called his pal at the WSJ to write up a hatchet job, with himself dramatically portrayed as the lone wolf crying out the truth in a world of mesmerized Sepracorians, to see if he couldn't really take the stock down. And why would he want to drag down the price? Why would he not simply be content to do his job, make his reports, disseminate them through the usual channels, and let the market do its work? Well, maybe someone wants to buy Sepracor through Bear Stearns. Like I said, nuts. And a takeover is my worst nightmare for the stock. But why the grandstanding? Why toss gas on the fire? Is he just an idiot? I doubt Sepracor is going to have BS first on their list for investment bankers going forward. Who knows? It really doesn't matter. Wish I had the funds to buy here. Look at the premiums on those options if you want to see what the market really thinks of SEPR. Sorry for the novel. Bruce