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|The Genetics Institute Impact — Here’s a copy of a company memo, dated Aug. 2, 1993, in which CEO Gabe Schmergel sent a note with the subject line “Genetics Institute Becomes a Billion-Dollar Company!” He notes that the company’s market valuation exceeded $1 billion that day when the stock closed at $38 3/8 (yes, they used fractions back then). He does temper his enthusiasm a bit in the note, however, saying “our market valuation may well drop below $1 billion again as the stock market is volatile and is influenced as much by unrelated events and perceptions as by individual company fundamentals.”|
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