>>And for mega-cap stocks like GILD (and BIIB, AMGN, CELG, traditional big pharma, etc), it is the pension funds, mutual funds and hedge funds that really make the difference.
My instinct says that when you see a big-cap stock with dramatically accelerating earnings, with a potential slowdown only several years in the future, the mainstream mutual funds and pension funds will be drawn to it like moths to a flame.
On a somewhat related topic, I went to a dinner some weeks back where LGND presented. It was pretty clear to me that their presentation was pitched purely to non-biotech folks. It was actually kind of misleading - they just lumped in stuff where they had a potential substantial royalty with the captisol programs with small royalties.
Peter
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