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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: LarryS who wrote (9830)	5/6/1999 10:04:00 PM
From: William L. Molair II	Respond to of 17367

I spoke with Ellen Martin today. The following are points made in our conversation that are correct to the best of my knowledge. If you have any questions, please call Ellen for clarification (I could be wrong). - Mengiocoximia trial continues to enroll patients - but, she thinks we are really close to ending. - DSMB will NOT meet again on the Mengio Phase III trial (I incorrectly thought they would meet again before the trial could stop). - Phase III DSMB trauma review should occur late summer, early fall (I incorrectly thought they were going to meet late spring, early summer). - When XOMA traded above $5 per share, Ellen had several calls a week from brokerage firms. Now that Xoma is sub $5, many (if not all) brokerages can not recommend Xoma to their clients. - Ellen attributed the runup today to the MarketWatch article and made the point that MTSL had written virtually the same info many times before - just different folks are now seeing it. She then made the point about trading sub $5 and how important it was to get a few firms to provide stock coverage. My thoughts (these are not based upon my conversation with Ellen) : - Xoma will probably announce the end of the mengio Phase III trial after their earnings announcement next week AND before the annual shareholders meeting. I have nothing to base this on other than gut feeling. - I could have sworn that we were expecting a DSMB on trauma in late Spring / early Summer. I wonder if it has been "delayed" somehow so that it occurs after we hear the mengio results. - We are going to see another dillutive financing deal in late summer, early fall (even if mengio trial goes well and we get positive results, Xoma going to need some money to continue operations and in my opinion, there will not be enough time to negotiate a deal with a drug company on the drug that will be favorable to Xoma). My worst fear (again, not based on my conversation with Ellen) : - Mengio results turn our favorable, the drug saves many children, and Wall Street completely ignores the whole event and we continue to trade in the low single digits (with an attitude like this - there is only room for a positive surprise!!!!).

To: LarryS who wrote (9830)	5/6/1999 10:56:00 PM
From: Robert K.	Read Replies (1) \| Respond to of 17367

Larry, I have to strongly disagree. your comment> "Most of the purchases today were retail. Because of that, I think most of this volume came from the article in MarketWatch." The trading today was concerted. I saw lots of sos bandits. Lots of rapid and multiple hitting of the buy size limit. Large trades both buy and sell. Trading a few hundred thousand shares in minutes, multiple times is not normal at all for a stock that was avg and declining daily volume of 200,000k/day. And you cant blame market watch either as the previous few days were something like 600k,900k,400k. A curious note>we traded 6 million in stock today, and increased xomas market cap by about 18 million. Thats right 6 million in trades increases value 18 million. Wonder what the buyer motivations are. Also wonder what tomarrow will bring. All IMO. etc.