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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (60)	3/16/1999 1:35:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 52153

GLIA isn't really a "high-risk" stock anymore - it's actually more of a "bounce" type stock. As a valuation exercise, it would be very instructive to split it into two companies - the adhesion stuff and everything else - and value them separately. SIBI is a tough valuation exercise, and it's hard to know where to start. Have to do it program by program I guess, and throw in something for their patent suit. BTRN is also hard - how do you value their long term transplant stuff? Fortunately their cash and MEDI collaboration are enough to justify their stock price, so maybe you don't really have to. Let's stick with these and NPSP for now. Peter

To: scaram(o)uche who wrote (60)	3/16/1999 7:29:00 PM
From: rkrw	Respond to of 52153

To step up just a little on the food chain TKT, Vertex and Celgene each have a ton of earnings leverage. Reasonable share counts, significant product retention and pipelines moving along and even expanding. Coulter would be another but other than Bexxar the pipeline seems thin; so the one product risk exists. I've been very surprised by Gliatech and Adcon sales, but I have no problem saying I was wrong and the leverage is evidenced by last quarters results. The stock got slammed today and seems well worth a look. I continue to believe they'll be acquired by Janssen down the road. I don't quite see the leverage of OSI. They're working on very small royalties for Pfizer (low single digit according to analysts) other projects seem early.