14
BioTech Stock Report, March 2003
Bio Portfolio
Company
Reference
Date Price
2-27
Price
%
1-mo
%
YTD
%
Inception
Institutional
Ownership:+/-
Aggressive Growth
Regeneron (REGN)
11-21-02 20.71
18.50
-3.09
-.05
-10.67
66:+2
The release of interim Phase III clinical data of Axokine for the treatment of obesity is anticipated to occur in the first quarter 2003. Axokine has
fast track designation for a FDA review. If the share price dips below $20, buy.
Sepracor (SEPR)
6-30-98 20.75
12.11
5.03
25.23
-41.64
83:+4
The company has several promising drugs in late-stage development and one of them is Estorra, a drug to treat insomnia. Estorra's NDA was filed
on February 3, 2003. Buy below $10.
Trimeris (TRMS)
10-29-99 18.00
41.15
-6.54
-4.68
128.61
90:+8
The second Phase III pivotal study for Fuzeon, TRMS' HIV drug combined with other antivirals was shown to be safe and efficacious for AIDS pa-
tients. The NDA for T -20 has been filed with the FDA as well as the application with the European Union. Approval could come on March 16,
2003. Fuzeon is a good drug and will more than likely be approved, but once marketed there could be supply constraints. Continue to rate as a hold/
buy.
Tularik (TLRK)
2-28-02 18.00
3.96
-6.82
-46.92
-78.00
38:+7
The FDA okayed T67's Phase II/III clinical trials for liver cancer, which will start the first quarter of 2003. Hopefully, interim results will be re-
leased at the end of 2003. T607 Phase II studies to begin soon. Continue to rate as a hold, until share price needs to show some support levels.
Intermediate Growth
Cephalon (CEPH)
12-27-01 75.42
47.90
.67
-1.56
-36.49
98:NC
CEPH filed the sNDA for Provigil for work shift sleep disorder late in December 2003 with a targeted review by the FDA of 10-12 months. The
company`s fundamentals continue to be strong, however, as we mentioned in our January 2003, CEPH`s share price could pullback as concerns over
generic competition on Provigil increases. And on Feb. 5, 2003, a generic filing was completed with the FDA. Continue to rate as hold until share
price bottoms out.
Enzon (ENZN)
11-30-01 56.17
12.83
-25.97
23.27
-78.11
91:NC
ENZN and NPS Pharmaceuticals announced it plans to merge on February 19, 2003. Change from buy to hold.
Gilead Sciences (GILD)
3-27-97 24.88
33.58
-6.83
97.53
439.98
93:+3
Hepsera, its drug to treat hepatitis B was approved by the European agency and launch of Hepsera is expected mid-2003. Hepsera clinical data was
published in the February edition of the New England Journal of Medicine. GILD released a 2 year study for Viread in combination with other AIDS
drugsthat showed Viread to be effective. Viread received a positive opinion to expand its labeling in Europe to include naïve-treated patients, ap-
proval is expected to come shortly. Also, in a separate 48-week Phase III study, Emtricitabine was able to keep the HIV virus load suppressed. GILD
is a great company, and if share price dips below $35, buy.
Millennium (MLNM)
3-27-97 4.18
6.97
-9.13
-12.22
70.26
54:NC
MLNM presented Phase II clinical data on Velcade on multiple myeloma at the American Society of Hematology in December 2002 that continues
to show the drug has potential to be successful in treating cancer patients. The company submitted the marketing approval application for the US
on January 23, 2003 and the European filing on February 4, 2003. MLNM has also began Phase II clinical trials for Velcade to treat colorectal
cancer patients and for non-small cell lung cancer. Maintain buy.
Protein Design Labs (PDLI)
7-31-98 18.88
7.67
-8.80
-14.78
62.54
PDLI hired a new CEO and a Head of R&D. New management will focus on developing
four of its antibodies; Zenapax, anti-gamma-interferon, Nu-
vion and anti-IL4 for a variety of inflammatory and autoimmune disorders. PDLI acquires EOS, a privately held company to expand its pipeline.
PDLI reported fourth quarter with a loss of $.09 a share. Continue to rate as a hold until we see management can execute some of its goals.
68:+3
