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1:34 PM Eastern
Oscar Gruss Initiates Coverage on ImClone
Systems With a SPECULATIVE BUY Rating
NEW YORK, Aug. 5 /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 ImClone
Systems (Nasdaq: IMCL) with a SPECULATIVE BUY rating.
In a new report, Akhtar Samad, M.D., Ph.D., senior equity research
analyst at Oscar Gruss, provides a detailed examination of ImClone
Systems (IMCL), a development stage biotechnology company
that researches, develops and will market primarily biological
products for the treatment of cancer. The report projects that
positive newsflow over the next 12 months from multiple ongoing
advanced clinical trials in various cancers for ImClone's lead
products, a monoclonal antibody (C225) and a cancer vaccine
(BEC-2), should lead to one or more regulatory filings by mid-2000
and corporate profitability by late 2002/early 2003. The analyst
expects EPS to grow from ($0.38) in 1999 to $1.19 in 2003.
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 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.
Date: 8/5/99 11:24:00 AM MST
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