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Biotech / Medical : ATIS is on the move! -- Ignore unavailable to you. Want to Upgrade?

To: Mel Spivak who wrote (1671)	10/14/1998 11:50:00 PM
From: Marshall Teitelbaum	Read Replies (1) \| Respond to of 2205

Hey all, Another slow day here. Daily volume continues to be relatively light, and the average trade sizes also are light, today registering at 1,078 per, and if the few large trades of the day are removed, the other trades are very light, raising questions behind those. The key here is that whomever is in control of the stock right now has nothing to do with where it will be if all fundamental issues play out the way they very likely will (imo, obviously), meaning that the science works, especially in the intermediate term with dermagraft. Meanwhile, the current trading range of 2 3/4 - 3 continues to hold. The wrestling match here won't go on forever. Something has to eventually happen to break this up, whether it is subtle drift lower for technical reasons, or fundamental reasons to get hammered down or fly up. However, the current valuation already takes into account lots of questions marks, so the more that are removed, the better it should move (and gain institutional support back, causing very rapidly increasing volume and price movement).....when this might be is still a question(ie tomorrow, next month, next year, etc.) My opinion is that the lab reinspection and the IDE were generally expected, especially the IDE. The FDA had already told them to go ahead and try to get it a while back along with the initial bad news. Won't bring in profits at this point, but it may expedite the marketing process, the clinical introduction process, and the insurance exposure for later when(if?) dermagraft truly comes to market, even though I still see this likely being no sooner than early '00. Speculative regardless, but to short here looks extremely speculative, or well orchestrated among many for those who don't worry about it. For those fundamental investors, whether it is 2, 4, 6, or etc... right now truly isn't the issue....the primary issue is where the fundamentals are, as these ultimately dictate the value. Also, the recent bigger drop days that created many complaints on Yahoo didn't seem to include the fact that those big drop days were the same for most biotechs...if ATIS goes down on a day when ICOS, AXPH, ISIP, VICL, INHL, GERN, IMNR, etc. all go down, it's kind of hard to get overly excited about it. Meanwhile, boring movement like a teeter-totter between 2.75 and 3 appears to be the very short-term destiny here regardless of the market, with blips above on the recent expected good IDE news, but only sustainable for a short time....it will take more than that. Interesting day in the pharmaceutical world. Look at the roller coaster ride yesterday and today for PFE. Enough Wednesday blabbering. Happy Thursday all. Marshall