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Biotech / Medical : Cistron Biotechnology(CIST)$.30
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To: maileg who wrote (97)11/13/1996 6:01:00 PM
From: Jack Phillips   of 2742
 
FYI: I also spoke to Hal the IR guy last week - and he suggested that he felt that one or more long time shareholders had been wanting to cash out for some time and that may explain the attempt to sell on any price increase .... he speculated that those certain individuals may now have less need to raise cash but he did not provide any concrete facts. Hal suggested that he tries to identify this probability by tracking the brokerage source of the sales (implying he knows which brokers certain large shareholder use) and this may be what he is refering to when he mentions Warner Lambert. Also Hal has been the IR for Cistron for ten years during which he felt that every year they have been as fastidious, comprehensive and careful with their 10-k (avoiding any optimism) as they have been with the recent one he is sending out now. So it may just be the long term modus operandi of the company personnel and their shyness might not necessarily portend covering anything up .... but of course such a style makes it hard for shareholders to figure what is actually going on. When I spoke with Hal he seemed to indicate that Immunex had given up all claims but that is vague and I agree that the real issue is what do the source documents actually say. But a v. low cap "conservative", company with cash in the bank and some proprietary claims is not a bad combination IMHO.
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