-------------------
                                                              OMB APPROVAL
                                                           -------------------
                                                           OMB Number: 3235-0145
                                                           Expires:
                                                           Estimated average 
                                  UNITED STATES            burden hours per
                       SECURITIES AND EXCHANGE COMMISSION  response....14.90
                             Washington, D.C. 20549        --------------------



                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 3)*


                          Bioject Medical Technologies
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   09059T 1D 7
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

Check the following box if a fee is being paid with this statement | |. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                  
SEC 1745 (2/92)                Page 1 of 8 pages


- -------------------------                           ---------------------------
|CUSIP No.  09059T 1D 7 |              13G         |   Page  1  of   3  Pages |
|          ---------    |                          |        ---     ---       |
- -------------------------                           ---------------------------

|--------|---------------------------------------------------------------------
|  1     |  NAME OF REPORTING PERSON
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
|        |
|        |     Hambrecht & Quist Capital Management Incorporated
|--------|---------------------------------------------------------------------
|  2     |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) |_|
|        |                                                            (b) |x|
|        |
|--------|---------------------------------------------------------------------
|  3     |  SEC USE ONLY
|        |
|--------|---------------------------------------------------------------------
|  4     |  CITIZENSHIP OR PLACE OF ORGANIZATION
|        |
|        |     California Corporation
|--------|-----------------|--------|------------------------------------------
|                          |   5    | SOLE VOTING POWER
|                          |        |   2,193,400
|        NUMBER OF         |--------| -----------------------------------------
|         SHARES           |   6    | SHARED VOTING POWER
|      BENEFICIALLY        |        |
|        OWNED BY          ----------------------------------------------------
|          EACH            |   7    |  SOLE DISPOSITIVE POWER
|       REPORTING          |        |   2,193,400
|         PERSON           ----------------------------------------------------
|          WITH            |   8    |  SHARED DISPOSITIVE POWER
|                          |        |
|--------|---------------------------------------------------------------------
|   9    | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|        |
|        |     2,193,400
|--------|- -------------------------------------------------------------------
|  10    | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN  
|        | SHARES*
|        |                                                     
|--------|- -------------------------------------------------------------------
|  11    | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|        |     8.65%
|--------|- -------------------------------------------------------------------
|  12    |  TYPE OF REPORTING PERSON*
|                  IA
- -------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!

                               Page 2 of 8 pages


                              SCHEDULE 13G EXHIBIT

Item 1.
     Bioject Medical Technologies
     7620 S.W. Bridgeport Road
     Portland, OR  97224
    
Item 2.
     Hambrecht & Quist Capital Management Incorporated
     50 Rowes Wharf - 4th Floor
     Boston, MA  02110-3328
     (California corporation)

     Common stock
     CUSIP: 09059T 1D 7 

Item 3.
     (e)  Investment Adviser

Item 4.
     Hambrecht & Quist Capital Management Incorporated ("HQCM") disclaims any
     beneficial interest in the shares reported in this Schedule 13G. Moreover,
     HQCM is of the view that the client accounts that it manages are not acting
     as a "group" for purposes of Section 13(d) under the Securities and
     Exchange Act of 1934 (the "1934 Act") and that it and such clients are not
     otherwise required to attribute to each other the "beneficial ownership" of
     securities "beneficially owned" under Rule 13d-3 promulgated under the 1934
     Act. Therefore, HQCM is of the view that the shares held in such accounts
     should not be aggregated for purposes of Section 13(d). However, HQCM is
     making this filing on a voluntary basis as if all the shares are
     beneficially owned by HQCM on a joint basis.


     2,193,400 shares of Common stock beneficially owned
     8.65% of Common
     2,193,400 sole voting power (i) and sole dispositive power (iii)

Item 5.
     N/A
      
Item 6.
     N/A


                                 E-1



Item 7.
     N/A

Item 8.
     N/A

Item 9.
     N/A

Item 10.
     By signing below I certify that, to the best of my knowledge and
     belief, the securities referred to above were acquired in the ordinary
     course of business and were not acquired for the purpose of and do not have
     the effect of changing or influencing the control of the issuer of such
     securities and were not acquired in connection with or as a participant in
     any transaction having such purposes or effect.


     After reasonable inquiry and to the best of my knowledge and belief, I
     certify that the information set forth in this statement is true, complete
     and correct.

     Date:          2/14/97
                 ---------------------------------------------------

     Signature:  /s/ Kerri A. Bisner
                 ---------------------------------------------------
     Name/Title: Kerri A. Bisner, Vice President
                 Hambrecht & Quist Capital Management Incorporated



                                       E-2