Investors Unsure of Value of Epitope's Oral AIDS Test

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Important note: Information in this article was accurate in 1994. The state of the art may have changed since the publication date.

Investors Unsure of Value of Epitope's Oral AIDS Test

Knight-Ridder/Tribune Business News (12/29/94)

Investors' initial excitement over approval of Epitope's saliva-based HIV test raised the price of the company's stock by 18 percent, to $24.875. Since then, however, some investors have sold the stock, causing Epitope to lose almost all the gains. The investors were impressed by the potential for the inexpensive HIV test kit and by the comments made by Mary Pendergast, deputy commissioner and senior advisor to the Food and Drug Administration (FDA), who called it "an important health advance." On Tuesday, some investors reacted to statements made by Charles Biderman, editor of Market Trim Tabs, who said that the test kit is not accurate. Biderman also said that he expects the stock to fall to $5 within a year. Although subsequent selling caused Epitope to slip, it remains 8 percent ahead when measured over a week. Jeff Hunter, a broker with Piper Jaffray, dismissed the losses as profit-taking and unjustified. He said that overseas sales are slow because foreign countries have also been waiting for FDA approval. The kit will be adapted for use in testing for measles, mumps, rubella, nicotine, cocaine, and hepatitis, he added.

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