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Biotech / Medical : Imclone systems (IMCL)

IMCL 0.159

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Oct 5 5:00 PM EST

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From: Shawn Donahue	3/2/2005 9:07:47 PM
	of 2515

Biotech Buyout Binge Continues Peter Kang, 02.28.05, 7:00 AM ET [ImClone mentioned in this Forbes article; link to Forbes site is below] For the second week in a row, buyout rumors and merger speculation sent a number of biotech and specialty pharmaceutical shares higher. The renewed interest in drug stocks may need to be amplified in coming weeks, however, in order to sustain the recent rally as safety concerns and regulatory overhangs continue to burden the overall outlook. The American Stock Exchange Pharmaceutical Index (DRG) logged a modest 1.05% gain this week while the Nasdaq Biotechnology Index (NBI) ended up 1.39%... ImClone Systems (nasdaq: IMCL - news - people ) gained 7.24% this week as Morgan Stanley initiated coverage of the biotechnology firm at "overweight" and anticipates increased use of Erbitux to treat cancer. "Erbitux sales have plateaued over the past several quarters, but we expect greater use in colorectal cancer (CRC) and head and neck cancer to reaccelerate growth over the next 12 to 18 months." Morgan Stanley said a reacceleration in the Erbitux growth rate "would be a major catalyst for the stock" and the opportunities in CRC and head and neck cancer are "more than adequate to recharge this drug as we move through 2005 and into 2006." The research firm has a 12-month price target of $57 for ImClone. Investor sentiment has generally been bearish on ImClone after a series of disappointments on Erbitux growth, Morgan Stanley said, but now the risk/reward ratio "is strongly on the long side of this name." ImClone has "significant upside potential over the next six to 18 months as investors come to understand the drug's significant upside potential," it added. MORE of article at below link: forbes.com

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