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Keep A Watch On This Ugly Ducklig

As analysts see it, Cygnus (CYGN), a biotech outfit, won't make money until 1998, and this has depressed the stock. It has slid to 16 a share, down from 25 early this year. Still, this developer of diagnostic and drug-delivery systems, primarily transdermal patches, has some die-hard fans.

Cygnus has an array of products in advanced development--chief among them GlucoWatch, a diabetes monitor-- that are "potentially great winners," says Ronald Nordmann, a partner at Deerfield Management, a New York firm that invests mainly in health-care stocks. He expects GlucoWatch to be approved for marketing by the Food & Drug Administration before the end of 1997.