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

To: dave g who wrote (2602)	5/3/1999 7:58:00 PM
From: AgFinder	Read Replies (3) \| Respond to of 10280

Hi WhiskyJM ! So frustrated with Sybil. We will persevere. as to buying calls... Depends on what the Buy side heard today. The after hours trades suggest that we may reverse tomorrow, although I'd like to see high volume buying tomorrow am as proof. Calls ? Well, so far, I'm not doing well in that dept.... 100... 80... you know. Ag. PS Technically, I'm impressed with MRVC... Got to do DD though.

To: dave g who wrote (2602)	5/4/1999 6:19:00 AM
From: BMcV	Read Replies (1) \| Respond to of 10280

I'll be buying some more stock this morning. It feels like a bottom to me, given the degree of pessimism showing up on the boards (and this horrible queasy feeling in my stomach!). If it's not the bottom, in six months it won't matter. Why? Here's a reprint of part of the Morgan Stanley piece from 4/21/99 first posted on Yahoo by B_auto: >>KEY POINTS: --Sepracor shares have declined 26% in the last two weeks, partly in response to several company-specific concerns and partly due to recent adverse market conditions. --As we have previously indicated, the company is spending more aggressively than we had forecast and two products have been delayed modestly from our original timeliness. We have now incorporated these changes in our model. Despite dramatic reductions in EPS in year 2001, our valuation year 2003 continues to exceed $10 per share, trimmed from $12. --Having reviewed the issues and adjujsted the model, we continue to be extremely bullish on the Seprecor story. The five products currently partnered represent $7 billion in annual revenues today, with an additional $10 billion in annual revenues held today by products in the company's pipeline expected to be partnered over the next several years. While some of the recent concerns on timing of revenues and accelerated spending are warranted, those suggesting that the Improved Chemical Entity strategy is no longer valid are not. We believe this is a great buying oppurtunity. Strong Buy affirmed. Price target remains $150. DETAILS: In the last two weeks SEPR shares declined 26%, or more than 30 points, accentuating a downward slide the shares have been experiencing since reaching a high of 139 in early March. We believe a confluence of events led to the sell-off. Sector rotation out of healthcare hit many large-cap biotechnology and pharmaceutical stocks. Many of the large-cap biotechs, including Amgen, Biogen, MedImmune, and "Genzyme are 15% -- 25% off highs reached in April. Sepracor has suffered more, but it is a more volatile stock. Company-specific events have also pressured the stock includling Eli Lilly's disappointing Prozac revenues and a slap on the wrist from the FDA regarding Sepracor's press release for the approval of Xopenex. It has been a while since we have formally presented the full potential of the Sepracor story, and with so many moving parts, some change is inevitable (and in many cases desirable). Below we outline our new Sepracor loss/earnings estimates and review the numerous products that make up the company's impressive pipline. The revisions to our estimates driven by increasing R&D expenditures and by modifications to the magnitude and timing of certain revenues. The changes are dramatic in the years 2000 -- 2002, but they bring us in line with consensus estimates. The more significant changes are outlined below year by year. More detail con be found in the body of this report.<< The body is on Yahoo, or I can post it here, if anyone wants.