IDPH--Positive preliminary results for pivotal trial of ID Message Board

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

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To: I. Luttichuys who wrote (41)	9/16/1996 10:28:00 PM
From: Brad C. Dunlap	of 1762

Hi. Bennet I hope you're having an enjoyable evening. There has been much talk on expanding fast track approval to all drugs addressing life threating disease if it does not already apply. I have been told that fast track approval has always applied to cancer drugs but in reality that was not the case. Hopefully, this time the FDA will do what they say. I will add that there has been more public and congressional pressure to do a complete overhaul of the FDA than ever before and currently there is legislation in congress addressing this matter. If I come across any info. on this topic I'll be sure to post it. You are correct that in the past there has always been news to account for Idec's price movement. I can confirm that there has been no news, formal analyst comments, insider buying,13D filings,nothing to account for the jump in price. Friday's volume of 638,000 sh. is more than likely institutional. I didn't review time and sales to review the individual trades but believe that saying that it was institutional buying is a safe statement. My experience with biotech stocks are that they are news driven and more specifically news relating to clinical results. As we all know, Idec has two major releases in the next three months and we're not the only ones that know. The strong market has also strongly encouraged fund and institutional managers to be more aggressive. Eric Hecht[Morgan Stanley Analyst] and Shekhar Basu[Punk Ziegle Knoell analyst] are the two analysts that have strong buy recommendations on Idec. With the upcoming events, Idec's history of strong clinics, and such friendly market conditions would make it relatively easy for these 2 firms to generate buying of hundreds of thousands of shares. Smith Barney recently became a market maker and just last week the Smith Barney analyst had mentioned to their sales force that Idec will be releasing phase III data in December. The following days Smith Barney was aggressively buying stock. The Smith Barney analyst does not have an opinion on Idec but I found it interesting that Idec is on their radar screen. As far as the Fed and interest rates, the consensus as of today is the Fed will not raise. However, I do promise you that attempting daily to forecast the Fed's actions and more so long term interest rates is very difficult and some people would say an exercise in futility. I hope I answered some of your questions.

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