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Strategies & Market Trends : Kendall's DUMPER STOCKS

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To: kendall harmon who started this subject	3/23/2001 7:57:16 AM
From: kendall harmon	Read Replies (2) of 70

IMNX on today's watch list for a possible play Seattle, March 23 (Bloomberg) -- Immunex Corp. shares lost almost half their value in German trading after studies showed its Nuvance asthma drug didn't work and the company ended tests of its rheumatoid arthritis drug Enbrel for heart failure. The shares of Seattle-based Immunex fell as much as 9.25 euros ($8.27), or 48 percent, to 10 euros. Immunex's U.S. shares rose 4.5 percent to $18.88 yesterday, before its announcement. Investors were looking to Nuvance to boost the company's profits. The company also was hoping to expand the market for Enbrel, its biggest seller, but an independent panel recommended that studies of Enbrel for treating heart failure be discontinued because it isn't likely to be effective. The disappointments come as Immunex also contends with a shortage of manufacturing capacity for Enbrel. Immunex shares in the U.S. have fallen 72 percent in the past 12 months, while its German shares have dropped 83 percent in that period. quote.bloomberg.com

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