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Biotech / Medical : Techniclone (TCLN) -- Ignore unavailable to you. Want to Upgrade?

To: Terry D. who wrote (2626)	10/10/1998 4:21:00 PM
From: Michael Cash	Respond to of 3702

If your other "tech, biotech" holdings have plummeted like tcln, it might be time to examine your investment strategies. Regards

To: Terry D. who wrote (2626)	10/10/1998 6:11:00 PM
From: Maurice Winn	Respond to of 3702

Terry, people shouldn't take the TCLN share price too seriously [unless they are heavily margined]. When a buyer 'at market' appeared, the share price went to $2 a few weeks ago as the market makers levered the price up. Now there are some forced sellers so they lever the price down to 65c. That is a VERY big spread. In the absence of substantial information on the clinical outcome of TNT and Oncolym and the timing of approved products, a realistic price is pure guesswork. The share price can be back up to $2 tomorrow. Traded volume is low for how many shares are issued. When prices drop, the small investors are not in a position to take advantage of the drop. Bigger investors aren't watching. When it rises suddenly, the small investors are reluctant to sell just when value might be getting recognized. Hence, the big swings. Just some thoughts on a rainy Sunday. I wouldn't be selling now if I owned TCLN [well, I might due to margin pressure, but not because the stock is over-valued]. But market capitalisation is still well up compared with the S3 period, so it can certainly go lower yet unless there has been a fundamental shift in buyer interest since TCLN sold at 50c 6 months ago on a much lower market capitalisation. Clinical results aren't really much further ahead of expectations at that time. Maybe even a bit behind. Maurice