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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID

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To: Vestor who wrote (754)4/26/1997 11:08:00 AM
From: Brad C. Dunlap   of 1762
 
Hi Vestor, it doesn't matter if you have an account with ML, since no analyst is going to communicate info to any ML broker or any unnecessary personell before a particular analyst comes out with a recommendation. I quess if the analyst had no plans to recommend then you might be able to inquire as to the specific reasons. If this behavior took place the respective firm would be in violation of front running. As discussed earlier, I strongly believe that ML would have one potential compliance problem if they were to recommend Idec and then sell their large holdings into the recommendation. If Idec were not to be successfull this would be a tough situation to defend in arbitration or court. Once ML is finished selling[they should be close] then it should be interesting to see what Hecht does in this lousy biotech envirenment. The only thing that I can say is that when Hecht was at Morgan he carried a strong buy recommendation and now that he is at Merrill it should be interesting to watch and wait to see what takes place.
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