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Andrew McCreath Novelion NVLN-T DON'T BUY Apr 20, 2004

Has had a big run and expects it to pause here for a little while. Have a lot of cash. Fully valued.

Andrew McCreath

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$39.130

Stock price when the opinion was issued

biotechnology pharmaceutical

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DON'T BUY

This is bottom fishing, bargain hunting on a stock that is below the 200 day moving average. This stock is really base building. The stock is not participating in this bull market, so will possibly sit out the next bear market and you may have to wait for the next bull market which could be 2 years away.

SELL

Their treatment of macular degeneration only treats the latter stage while the competition is going after the initial stage. This company is like a one trick pony. Major competition is coming in.

DON'T BUY

A one trick pony. Visudine is great, but they haven't really gone beyond this. Getting new competition.

WAIT

Likes the company from the standpoint of a product. Thinks they are still way ahead of the competitors, particularily in the eye treatment area. Have expanded their product base which is not bad. Market has been unmerciful to this stock. Hopefully it has hit a bottom, but would wait to see if the stock can work its way through.

DON'T BUY

Looks cheap at 10 X earnings. Have a drug that is photo-activated, but competitors have come which has pulled the stock down. Bought a company that had an acne cream, but because of labeling problems, it's another year or two away.

DON'T BUY

The drug companys are due for a slow turn around. Had a lot of problems with the FDA. Lots of competition going to happen.

SELL

The biggest threat to any business is a competing technology or product. That's what the market thinks is happening here.

DON'T BUY

Has been a very disappointing stock. Had problems with its major drug because of competition. The problem with the Canadian drug sector is that it tends to be one or two drug dependent.

SELL

The future isn't bright. Losing market share with their main product. Suggests tax loss selling.

BUY ON WEAKNESS

(Market Call Minute.) Could see it as a Buy but would like it at a cheaper price.

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Andrew McCreath Novelion NVLN-T DON'T BUY Apr 20, 2004

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