Anbei eine Biotech-Einschätzung von U.S. Bancorp Piper Jaffray. Solche Kommentare gibt es sicherlich viele - ich stelle diesen einmal hier hinein, weil die Einschätzung (Small- und Mid-Caps bevorzugen, nicht Large-Caps) ziemlich gut meine persönliche Meinung widerspiegelt. Was meint Ihr dazu?
Press Release
SOURCE: U.S. Bancorp Piper Jaffray
U.S. Bancorp Piper Jaffray Biotechnology Analyst Sees Small- and Mid-Capitalization Stocks as the Ticket for Investors in Second Half of 2001
NEW YORK, Sept. 6 /PRNewswire/ -- In his new in-depth industry report, ``Biotechnology Industry: 2001 Mid-Year Update,'' U.S. Bancorp Piper Jaffray Senior Biopharmaceuticals Analyst Mark Augustine continues to see a more selective approach to biotechnology investing -- one that is focused on small-capitalization, mid-capitalization and earnings-per-share breakout stories -- as the most effective strategy for the second half of 2001. Augustine's top small- and mid-capitalization stock picks include Strong Buy-rated Alteon Inc. (NYSE: ALT--$2.55, #@), Aviron (NASDAQ: AVIR--$25.61, #@) and XOMA Ltd. (NASDAQ: XOMA--$12.73, #@). His top large-capitalization stock picks include Strong Buy-rated MedImmune, Inc. (NASDAQ: MEDI--$41.59, #) and Buy-rated Genzyme Corp (NASDAQ: GENZ--$55.64,#).
``Among our Biotech 100 stocks, those stocks we track with market caps below $1 billion at the end of 2000 handily outperformed their large-capitalization brethren in the first half of 2001,'' said Augustine. ``For investors who looked to large-capitalization names to minimize downside risk, we point out that four of the 26 largest (i.e., greater than $2 billion market capitalization) biotech companies lost 50 percent or more of their value in first half of 2001. In contrast, only five of the 74 companies we track with a market capitalization below $2 billion declined by 50 percent or more.''
In addition, Augustine points to three factors affecting the biotechnology market in 2001:
1) slowing biotechnology financings (initial public offerings (IPOs) and
stock offerings) in 2001;
2) overall economic outlook and Food and Drug Administration (FDA)
uncertainties;
3) convergence of large-capitalization biotech valuations;
``As the year began, we saw a number of product-specific and valuation issues that could adversely affect performance of large-capitalization companies, such as Genentech, Inc. (NYSE: DNA--$47.73, Neutral, #) and Immunex Corporation (NASDAQ: IMNX--$17.54, Neutral, #). These issues came home to roost in first half of 2001. Genentech and Immunex were among the worst performing biotechnology stocks that we track. We see prospects for late 2001 visibility on an economic recovery as a mixed blessing for biotechnology stocks, while hoping that a near-term appointment of a new FDA commissioner can break the product logjam at a demoralized agency.''
In the 116-page report Augustine states that the U.S. Federal Reserve has lowered a key short-term rate six times in 2001 in an effort to stimulate an ailing economy. Lower rates typically benefit technology stocks over the ensuing 12 months, which could help biotechnology issues. However, biotechnology stocks have posted strong gains since 1999, and depressed stock prices in technology and other sectors of the economy could provide competition for investor funds when visibility on an improved economy surfaces. Most economists and companies project an economic turnaround by year-end 2001 or the first half of 2002. ``We believe this outlook supports our view that investors should maintain a selective approach to investing in biotechnology stocks in the second half of 2001,'' said Augustine.
In addition, the United States FDA has been without a leader since Jane Henney resigned after the presidential election in November 2000. With a short list of candidates in circulation, Augustine is optimistic that the near-term appointment of a new FDA commissioner could improve FDA morale, expedite regulatory review times and lift the clouds hanging over biotechnology and pharmaceutical potential product approvals in second half of 2001.
In his January 2001 report, ``Investing in Biotechnology in 2001,'' Augustine cautioned that some large-capitalization biotechnology valuations (especially in companies with significant price/earnings growth (PEG) ratio premiums) did not allow much margin for poor execution or clinical setbacks. At the time, shares of ten large-capitalization biotechnology companies that Augustine tracks were trading between a high PEG ratio of 3.5 (Genentech) and a low ratio of 1.2 (MedImmune). During the first half of 2001, the PEG spread of 2.3 was cut nearly in half, to 1.2.
``The upshot? Bargain hunters who simply invested in relatively 'undervalued' biotechnology stocks in the first half of the year would have turned in an impressive first half of 2001 performance,'' said Augustine. ``The five most expensive biotechnology stocks (based on PEG ratios) declined, on average, by 19 percent in first half of 2001, against a seven percent increase in the five cheapest stocks. The top five biotechnology stocks (on a price/earnings multiple basis) from January posted a 22 percent decline, compared to a 10 percent increase in the bottom five during the same timeframe.''
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB - news), provides a full range of investment products and services to businesses, institutions and individuals. The company's investment banking business has grown exponentially in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and industrial growth sectors. U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, First American Asset Management, U.S. Bancorp Investments and its Libra Division and U.S. Bancorp Piper Jaffray. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
Minneapolis-based U.S. Bancorp, with assets in excess of $160 billion, is the 8th largest financial services holding company in the United States. The company operates 2,239 banking offices, approximately 5,200 branded ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payments services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Banks and U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com/ and Firstar Bank at www.firstar.com/ .
Some or all of the following hedges may pertain: (#)U.S. Bancorp Piper Jaffray Inc. makes a market in the company's securities. (~)A U.S. Bancorp Piper Jaffray Inc. officer, director, or other employee is a director and/or officer of the company. (@)Within the past three years, U.S. Bancorp Piper Jaffray Inc. was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or securities of an affiliate. Additional information is available upon request.
Not FDIC Insured No Bank Guarantee May Lose Value
This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this publication may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may own the securities mentioned and may purchase or sell those securities in the open market or otherwise. In the United Kingdom, this report may only be distributed or passed on to persons of the kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services Act 1986 (Investment Advertisements) (exemptions) Order 1997.
Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)
U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of Securities Dealers, CRD number 665.
SOURCE: U.S. Bancorp Piper Jaffray
Press Release
SOURCE: U.S. Bancorp Piper Jaffray
U.S. Bancorp Piper Jaffray Biotechnology Analyst Sees Small- and Mid-Capitalization Stocks as the Ticket for Investors in Second Half of 2001
NEW YORK, Sept. 6 /PRNewswire/ -- In his new in-depth industry report, ``Biotechnology Industry: 2001 Mid-Year Update,'' U.S. Bancorp Piper Jaffray Senior Biopharmaceuticals Analyst Mark Augustine continues to see a more selective approach to biotechnology investing -- one that is focused on small-capitalization, mid-capitalization and earnings-per-share breakout stories -- as the most effective strategy for the second half of 2001. Augustine's top small- and mid-capitalization stock picks include Strong Buy-rated Alteon Inc. (NYSE: ALT--$2.55, #@), Aviron (NASDAQ: AVIR--$25.61, #@) and XOMA Ltd. (NASDAQ: XOMA--$12.73, #@). His top large-capitalization stock picks include Strong Buy-rated MedImmune, Inc. (NASDAQ: MEDI--$41.59, #) and Buy-rated Genzyme Corp (NASDAQ: GENZ--$55.64,#).
``Among our Biotech 100 stocks, those stocks we track with market caps below $1 billion at the end of 2000 handily outperformed their large-capitalization brethren in the first half of 2001,'' said Augustine. ``For investors who looked to large-capitalization names to minimize downside risk, we point out that four of the 26 largest (i.e., greater than $2 billion market capitalization) biotech companies lost 50 percent or more of their value in first half of 2001. In contrast, only five of the 74 companies we track with a market capitalization below $2 billion declined by 50 percent or more.''
In addition, Augustine points to three factors affecting the biotechnology market in 2001:
1) slowing biotechnology financings (initial public offerings (IPOs) and
stock offerings) in 2001;
2) overall economic outlook and Food and Drug Administration (FDA)
uncertainties;
3) convergence of large-capitalization biotech valuations;
``As the year began, we saw a number of product-specific and valuation issues that could adversely affect performance of large-capitalization companies, such as Genentech, Inc. (NYSE: DNA--$47.73, Neutral, #) and Immunex Corporation (NASDAQ: IMNX--$17.54, Neutral, #). These issues came home to roost in first half of 2001. Genentech and Immunex were among the worst performing biotechnology stocks that we track. We see prospects for late 2001 visibility on an economic recovery as a mixed blessing for biotechnology stocks, while hoping that a near-term appointment of a new FDA commissioner can break the product logjam at a demoralized agency.''
In the 116-page report Augustine states that the U.S. Federal Reserve has lowered a key short-term rate six times in 2001 in an effort to stimulate an ailing economy. Lower rates typically benefit technology stocks over the ensuing 12 months, which could help biotechnology issues. However, biotechnology stocks have posted strong gains since 1999, and depressed stock prices in technology and other sectors of the economy could provide competition for investor funds when visibility on an improved economy surfaces. Most economists and companies project an economic turnaround by year-end 2001 or the first half of 2002. ``We believe this outlook supports our view that investors should maintain a selective approach to investing in biotechnology stocks in the second half of 2001,'' said Augustine.
In addition, the United States FDA has been without a leader since Jane Henney resigned after the presidential election in November 2000. With a short list of candidates in circulation, Augustine is optimistic that the near-term appointment of a new FDA commissioner could improve FDA morale, expedite regulatory review times and lift the clouds hanging over biotechnology and pharmaceutical potential product approvals in second half of 2001.
In his January 2001 report, ``Investing in Biotechnology in 2001,'' Augustine cautioned that some large-capitalization biotechnology valuations (especially in companies with significant price/earnings growth (PEG) ratio premiums) did not allow much margin for poor execution or clinical setbacks. At the time, shares of ten large-capitalization biotechnology companies that Augustine tracks were trading between a high PEG ratio of 3.5 (Genentech) and a low ratio of 1.2 (MedImmune). During the first half of 2001, the PEG spread of 2.3 was cut nearly in half, to 1.2.
``The upshot? Bargain hunters who simply invested in relatively 'undervalued' biotechnology stocks in the first half of the year would have turned in an impressive first half of 2001 performance,'' said Augustine. ``The five most expensive biotechnology stocks (based on PEG ratios) declined, on average, by 19 percent in first half of 2001, against a seven percent increase in the five cheapest stocks. The top five biotechnology stocks (on a price/earnings multiple basis) from January posted a 22 percent decline, compared to a 10 percent increase in the bottom five during the same timeframe.''
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB - news), provides a full range of investment products and services to businesses, institutions and individuals. The company's investment banking business has grown exponentially in the last several years by focusing on the needs of growth companies in the health care, technology, financial institutions, consumer and industrial growth sectors. U.S. Bancorp Piper Jaffray has a national reputation for its expertise in fundamental research and equity and debt financing. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, First American Asset Management, U.S. Bancorp Investments and its Libra Division and U.S. Bancorp Piper Jaffray. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.
Minneapolis-based U.S. Bancorp, with assets in excess of $160 billion, is the 8th largest financial services holding company in the United States. The company operates 2,239 banking offices, approximately 5,200 branded ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payments services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Banks and U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com/ and Firstar Bank at www.firstar.com/ .
Some or all of the following hedges may pertain: (#)U.S. Bancorp Piper Jaffray Inc. makes a market in the company's securities. (~)A U.S. Bancorp Piper Jaffray Inc. officer, director, or other employee is a director and/or officer of the company. (@)Within the past three years, U.S. Bancorp Piper Jaffray Inc. was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or securities of an affiliate. Additional information is available upon request.
Not FDIC Insured No Bank Guarantee May Lose Value
This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this publication may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may own the securities mentioned and may purchase or sell those securities in the open market or otherwise. In the United Kingdom, this report may only be distributed or passed on to persons of the kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services Act 1986 (Investment Advertisements) (exemptions) Order 1997.
Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested. Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)
U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of Securities Dealers, CRD number 665.
SOURCE: U.S. Bancorp Piper Jaffray
