Oscar Gruss Initiates Coverage on Immunex Corporation with a Buy Rating
PR Newswire, Thursday, July 29, 1999 at 11:21
NEW YORK, July 29 /PRNewswire/ -- The following is being issued by Oscar
Gruss & Son Incorporated, a member of the National Association of Securities
Dealers, CRD number 2091.
Oscar Gruss & Son Incorporated initiates coverage on Immunex Corp.
(Nasdaq IMNX; $117.13) with a BUY rating.
In a new report Akhtar Samad, MD., Ph.D., senior equity research analyst
at Oscar Gruss, provides a detailed examination of Immunex Corp. (IMNX), a
biotechnology company that researches, develops and markets products for the
treatment of inflammatory and infectious diseases, and cancer. The analyst
projects that strong top line growth driven by Enbrel, a revolutionary
biological treatment for rheumatoid arthritis, and positive news flow from
multiple regulatory filings and ongoing trials with other drugs in the
pipeline, will drive EPS from $0.53 in 1999 to $3.19 in 2002.
Clients of Oscar Gruss wishing to get a copy of this report should contact
their broker.
Investment Ratings: STRONG BUY: expected total annual return of greater
than 25% over the next 12-18 months; BUY: expected total annual return in the
range of 15-25% over the next 12-18 months; SPECULATIVE BUY: stock for
investors who can afford higher risks; expected total annual return of greater
than 25% if anticipated contingencies materialize over the next 12 - 18 months
with the potential for high return volatility, lower or negative total annual
returns in this time period may be possible; LONG TERM ACCUMULATE: expected
total annual return of in the range of 10-20% if anticipated contingencies
materialize over the next 12-18 months or longer; HOLD: stock is fairly valued
and may provide returns which approximate returns expected from the its peer
group in the equity markets over the next 12-18 months, or perhaps less.
Other factors considered in the Investment Ratings may include, but are not
limited to, the company's risk profile, including earnings predictability,
financial position, industry position, technology and product risks,
management strengths, and other factors. The required annual return for a
specific Investment Rating will be increased for stocks with greater
financial, business, and/or earnings risk.
This report is based upon information which Oscar Gruss & Son Incorporated
(Oscar Gruss) believes to be reliable. However, neither Oscar Gruss nor any
individual acting on the behalf of Oscar Gruss can guarantee the accuracy or
completeness of its contents. It does not purport to contain a complete
analysis of every material fact concerning any company, industry or security.
Oscar Gruss assumes that it will be read in conjunction with other available
reports and data. Opinions expressed herein are subject to change without
notice. No investor can assume that reliance on the views, opinions or
recommendations contained herein will produce profitable results. Oscar Gruss
makes a market in this security, and may have a long or short position in this
security. Oscar Gruss and/or their employees and affiliates may have
positions in securities which are referred to herein and may make purchases or
sales thereof while this report is in circulation. Oscar Gruss or one of its
affiliates may from time to time perform investment banking or other services
for, or solicit investment banking or other business from a company mentioned
in this report. Further information is available upon request.
Foreign-currency-denominated securities are subject to fluctuations in
currency exchange rates that could have a positive or adverse effect on an
investors return upon the conversion into local currency of dividends or
interest received, or proceeds from the sale of such securities. In addition,
the value of U.S. dollar-denominated ADRs and the value of U.S.
dollar-denominated ordinary shares, or common shares, of foreign issuers can
be influenced by fluctuations in currency exchange rates.
SOURCE Oscar Gruss & Son Incorporated
-0- 07/29/99
/CONTACT: Oscar Gruss & Son, Inc., 212-514-2300/ |
