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Stockwatch: Biotech investing rules, OK?

This article was originally published in Scrip

Executive Summary

Life was much simpler for biotech investors in the 1990s. When Human Genome Sciences Inc. (HGSI), completed its IPO in December 1993, the company's price almost doubled after the second day of trading – everyone profited including the bankers, company management and even the company's investors. That pattern mimicked, albeit less spectacularly, the tripling of Genentech's stock price at its IPO back in October 1980, an event which led to the first rule of biotechnology investing: "Buy at IPO".

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