By Irwin Speizer
In his first job as a junior biotech analyst in a small New
York brokerage house, Joe Edelman spotted a company he was
convinced would self-destruct. Cambridge BioScience of
Worcester, Mass., had developed a five-minute AIDS test in the
late 1980s that wowed other analysts, who projected strong
sales for the product. Buy this stock, they recommended.
||Joe Edelman: If you dont know who the
sucker is, it is probably you (Photographs by Michael
Edelman disagreed. He detected flaws in the companys
clinical trials serious enough to raise questions about how
accurately the product could predict the presence of the AIDS
virus. Doctors would be reluctant to use it, and sales would
not materialize, he decided. And since the company had pinned
its future on the AIDS test, the stock was a dog that should be
sold immediately, he concluded.