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Biotech / Medical : Biotech Valuation

CRSP 56.68

-2.4%

Dec 12 3:59 PM EST

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To: Biomaven who started this subject	1/7/2002 8:55:12 AM
From: Ian@SI	of 52153

Well Peter, the following seems to have taken IMCL down to the mid to low 30s... 07:59 ET Imclone Sys (IMCL) 43.49: Trading down another 9% in pre-market after JP Morgan downgrades to MKT PERFORM from Buy. Firm believes details disclosed Friday in The Cancer Letter article suggest additional deficiencies in ImClone's BLA beyond those already disclosed by the co in its 12/31 conference call. Firm now believes that IMCL/BMY are unlikely to re-file the original BLA in 1H/02, as previously forecast, and will likely wait until additional clinical data can be added to the application, probably in late 2002. I believe your last post on this subject indicated that you weren't going to rush in at this price without further information from IMCL's SEC meeting. Knowing your reluctance to take information from charts, I won't comment that next support doesn't come until the mid 20s; and there's no real chart support if that doesn't hold. <g> Regards, Ian

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