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Biotech / Medical : American Home Products AHP

AHP 10.38

+0.3%

Apr 23 5:00 PM EST

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To: Charles Tutt who wrote (24)	9/13/1997 10:14:00 PM
From: ron forgus	of 169

Immunex keeps climbing on Phase III news NEW YORK, Sept 12 (Reuter) - Shares of Immunex Corp gained more ground Friday following the company's announcement Thursday of success in a late-stage clinical trial of Enbrel, its candidate drug for rheumatoid arthritis. Shares closed 4-1/2 higher to 60-3/8 Friday, a gain of eight percent. They jumped almost 30 percent on Thursday after the Seattle-based biotech company said patients who took Enbrel showed statistically better improvement than those who took placebos. Earlier Friday, Donaldson Lufkin & Jenrette upgraded Immunex to its recommended list from its earlier rating of buy, doubling its 12-month target price to $120 based on potential ``staggering'' profits from the drug. But Michael Sheffery, an analyst at Mehta and Isaly, cautioned that although news of the drug's success has emboldened investors, specific trial results had not yet been published. ``So there's still some risk remaining in the stock because indications how those data might be analyzed by the (U.S.) Food and Drug Administration were not elaborated,'' he said. Immunex is expected to file a new drug application with the FDA next year. Some analysts have predicted the arthritis drug could eventually generate $500 million to $1 billion in worldwide sales, if approved. Over 56 percent of Immunex shares are owned by American Home Products Corp (AHP). ------------------------------------------------------------------------

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