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

To: Edscharp who wrote (705)	5/21/1999 1:08:00 AM
From: Lel H	Read Replies (1) \| Respond to of 1139

Edward, I agree that investors can get bored with developmental stage companies. I've been in and out of several biotechs, although admittedly some of them were a lot earlier in development than others. Sometimes I think that biotech investors can be a difficult crowd to assess. I think your example of LGND is a good one. They've got an extensive pipeline, a potentially blockbuster cancer therapeutic, and a couple products (albeit with small target groups) on the market, yet it has been in the doghouse for a couple years now. One would think that there would be more interest in LGND. On the flip side, HGSI has consistently held above 30, and recently has traded to the mid-40s, despite the fact that they have only 3 products in early clinical trials. They're years away from any product revenues, yet (like ICOS) are rewarded with a billion-dollar market cap. The only point I'm trying to make is that it's difficult to really know when an issue is "fairly" priced. I understand that for persons who have no stake in ICOS, the run-up in price is baffling, and it's hard to know what a good entry point might be. Even I have a nagging feeling that ICOS has gotten a little ahead of itself. Good luck with your investing decisions. Regards, Lel