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Strategies & Market Trends : WR's Momentum Trades -- Ignore unavailable to you. Want to Upgrade?

To: Wayne Rumball who wrote (4538)	2/5/1999 2:28:00 AM
From: khrnyc	Read Replies (1) \| Respond to of 11130

Wayne, Last December 23 when KERA was about 11, I posted regarding their FDA panel meeting on January 12. By Jan 14 the stock got as high as 18.5 (KERA received approval for their vision correction ring). I think we have another interesting situation now with MAGN. On March 4th MAGN will go before an FDA panel meeting for evaluation of their topical antibiotic for the treatment of diabetic foot ulcers based on 2 completed phase three trials involving about 1,000 patients. They have a deal with Smith Kline for development, supply, and distribution of this drug if it is approved, $1.12 per share in cash, average daily volume of 89,000, and 218,000 shares short (per ViWest). There are 22.3 mm shares outstanding, 52 week high/low of $2.3 - 9.4, and MAGN closed today at $3.19. Of course, panel approval is never guaranteed, everyone should do their own due diligence, and I am long MAGN. Regards, Keith