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

To: Peter Kerling who wrote (3210)	6/4/1999 2:02:00 PM
From: Don Miller	Read Replies (2) \| Respond to of 10280

I report them as I find them, no spin. This also does not mean I understand and can project forward from the content. The proper share count is included in each earning projection however. >Thomson's Insider Activity Index is "very negative" - any comments? (What other internet source for insider activity are recommendable?)< Thomson's index that I refer to is an "Institutional" transaction counter, and only covers the current day activity. The link is thomsoninvest.net This page is NOT an INSIDER meter, but should indicate something about what the big holders already know. Are we referring to the same page, because I do not see any negative indications, if anything it is positive to me? Others use this link to get the monthly short volume viwes.com I am no help on TA, but it has been discussed, and you should be able to search for it. There are some real pros here and on YC that should be able to comment further on TA. Search on AIQ and AQO with TA for one softawre package.

To: Peter Kerling who wrote (3210)	6/4/1999 2:15:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 10280

There are about 5m outstanding options, with a weighted average exercise price of around $30. The dilutive effect of these depends on the stock price - at $60 the diluted equivalent is 2.5m shares; at $150, it is 4m shares. The convertible is more complicated. It becomes dilutive only when the after tax interest per common share obtainable on conversion exceeds basic EPS. Once it becomes dilutive, you have to add its interest payments back on to earnings, which partially offsets its dilutive effect on EPS. In general, people substantially exaggerate the dilutive effect of options and convertibles by forgetting to include the offsetting payments the company gets on exercise or conversion. All investors in biotechs should remember that while a company is making a loss, it does not report diluted shares as different from basic shares, because it would be anti-dilutive (more shares = smaller loss per share). Thus you can't trust the diluted share numbers reported by most biotechs. Peter Peter

To: Peter Kerling who wrote (3210)	6/4/1999 2:36:00 PM
From: David Howe	Read Replies (1) \| Respond to of 10280

The insiders activity is actually very positive. The only large sale was Southwell when his divorce forced him to sell. I use 41 million shares in my earnings model. IMO, this is a conservative number and is based on successful implementation of their business plan, thus a higher stock price. With the higher stock price (and earnings) will come a higher total share count. Dave