Biotech Values

[zipjet]

It's also the market's opinion based on all information to date.

Inferences can be very weak. It is hard to think of a weaker inference than that the market for a given stock is down. Every low gives rise to a negative inference at just the point where the opposite conclusion is correct. A month back we experienced that with DNDN at 24. The "market's opinion" was quite unfavorable at exactly the time we should have been buying. This is the curse of the trend follower.

It seems an odd argument from you, since I thought that you argued for relative value as the basis of buying and selling. I believe in value investing.

MNTA at 17 seems a value to me and a dramatic one to the extent that sole generic status should prevail. Admittedly, an unknown.

ij