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Biotech / Medical : Matrix Pharmaceutical (MATX) -- Ignore unavailable to you. Want to Upgrade?

To: robbie_nw who wrote (201)	5/14/1999 1:17:00 AM
From: David Wise	Respond to of 240

I suspect this one may act different from what you are used to. While some of the volume was short selling, it can't be denied that many shares, and possibly a majority, are now in new hands. Some of those who suffered seeing price drop so low gladly sold, while others are not near break even and held. With 24 million shares traded and 22 million outstanding, we may have a mostly new ownership. I wonder what the float is. Remember that even Geron went up for consecutive days on some occasions. And many people are just now finding out about Matrix. I had never heard of them before today. Another good sign - the low for the day was $6.00 and it closed above this. Could easily see another gap up tomorrow. Biotech stocks have been hot lately: see IMCL and SUGN. Like internet stocks, as a new one begins to shine, a number of traders are ready to jump on board. SUGN and IMCL will probably not see profits before MATRX does. They're not even on fast tracks. SO this alone does not mean shareholders will get out. Lastly, MATRX has a market cap of about $136 million - very low compared to others who are years from a product. And they have over $50 million in cash. Good luck!