"After its run to a new all-time high last month, Amylin (NASDAQ: AMLN) appears to be undergoing some upper level consolidation," notes biotech specialist John McCamant.

Following a presentation by the firm's CEO at a biotech conference, the editor of The Medical Technology Stock Letter concludes, "Management has made a compelling case why the stock's current trading range should be just a weigh station on the way to an even loftier valuation."

The advisor explains, "At the Newsmakers in the Biotech Industry Conference -- which took place September 6 – CEO Dan Bradbury discussed the still unrealized growth potential of both Byetta and Symlin."

Regarding Byetta, he notes that Mr. Bradbury indicated that over 85% of diabetes specialists have prescribed the drug at this point, we are now starting to see prescription growth among primary care physicians."

Although he typically focuses on longer-term buy-and-hold positions, John McCamant has issued a trading buy for Amgen (NASDAQ: AMGN). He explains, "The stock has sold off so heavily, we now believe it is an attractive, shorter-term buy.

The editor of The Medical Technology Stock Letter explains, "When we see fire sales in the shares of individual biotech stocks, our interest always perks up. When it involves a company which just happens to have been a biotech bellweather for over two decades, we become significantly more intrigued."

He continues, "Amgen recently traded down to over four-year lows in response to a barrage of negative news flow. The investment community has punished the stock price, primarily because their Epogen franchise is under pressure from both competitors and government payers."

"The long-term outlook for biotech is excellent and many of today's undervalued companies will ended up looking like screaming bargains at today's prices," notes biotech expert John McCamant.

In his Medical Technology Stock Letter, the advisor has long been a fan of Biogen Idec (NASDAQ: BIIB). Now, he is joined by Carl Ichan, who has purchased shares in the biotech firm.

Says McCamant, "There may be no such thing as a pure safe haven within the equity markets. However, we believe the market for new drugs will continue to grow rapidly even if we enter into a difficult period for the economy."

He argues, "Quite simply, if an individual has to decide whether to buy a new TV or a new cancer drug, it is a safe assumption that they will chose the best drug possible. Additionally, with the continued aging of America, the demand for healthcare is poised for unprecedented growth."

As to Biogen, he explains, "We have long recommended the stock primarily for the significant growth opportunity Rituxan brings to the plate in treating autoimmune disease, most importantly rheumatoid arthritis (RA)."

"Without question, now is an excellent time to be acquiring shares of Genentech (NYSE: DNA)," says biotech industry expert John McCamant.

In his The Medical Technology Stock Letter, the advisor explains, "The company is unquestionably the premier player in cancer drug development."

The advisor states, "Despite the fact that the company has consistently produced outstanding earnings and revenue growth, and is on track to continue to do so, the Street had become more and more negative on the company." He notes that this skepticism is largely because the expected growth rate in future years is not going to be as robust as it has been to this point.

For example, he points out that earnings grew by over 75% in 2006 over 2005. However, he adds, in 2007, they are expected to grow by only 30% (over last year).

McCamant states, "Yes, that's right. We said only 30%. Further, merely 20% growth (roughly) is expected next year over the current year. Common sense should tell everyone that as companies get bigger and bigger, the growth rate is going to slow down."

Biotechnology industry expert John McCamant last recommended ImClone Systems (NASDAQ: IMCL) in the mid-1990s at $5 a share, and later sold at $42. Now, he has issued a trading alert, once again recommending the shares.

Two events, he says, are the basis of his new buy. The editor of The Medical Technology Stock Letter says, "The first event was Amgen's failed clinical trial of their competing product, Vectibix, when used in combination with Avastin and FOLFOX for the treatment of front-line metastatic colorectal cancer."

This, he notes, has "significantly strengthened" the competitive position of Imclone's Erbitux versus Vectibix. The second event, he adds, was the recent failure of Erbitux in the pancreatic cancer setting, which caused the stock to sell off.

McCamant explains, "This is a low impact event for Erbitux, and, in fact, they have other trials running in pancreatic that may still pan out."