The company made a very good presentation at the H&Q conference last week, when the stock remained flat. Although there may be some post lock-up selling to keep the price even, the big boys do seem to be waiting until a week after the conference to place their bets these days. What I liked about EXEL in comparison to its competitors was the impressive speed in which it had ramped up into a major player (400 employees, half in its proprietary cancer program), the number of targets it had identified (well ahead of internal goals), its use of much quicker fish and worm comparative genetics to generate these targets (compared to knockout mice, which take a long time to produce), alone) and its strategy of using agricultural and other collaborations to fund its other programs. it reported over $2 per share in cash, and $210 in partnership payments due over the next year, ignoring its future milestone and potential royalty stream that other biotechs use to inflate their reports of the value of p'ship deals. Above all, it had good aggressive management, who understood that "the race is on" and that the game wasn't to produce genomes for their own sake, but to get to patented drugs ASAP.