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Biotech / Medical : IMNR - Immune Response
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To: Don Hurst who wrote (182)12/9/1997 9:33:00 AM
From: Harry D. Kramer  Read Replies (2) of 1510
 
Don,
the Gruntal analyst raised his 12-month price target from $16 to $18. He thinks that, considering the huge potential markets for almost all of IMNR's clinical pipeline products, the company is undervalued and the development successes of the last quarters - represented by achieving most of its clinical milestones - were largely overlooked by Wall Street analysts. He also thinks that the likelihood of a major strategic alliance with a global pharmaceutical company has risen. This, of course, would also solve the upcoming cash problem.

IMO, IMNR is still undervalued compared to its own potential and compared to similar development stage biotech companies. Remune alone has a fair value for this company of more than $30 per share, IF clinical development is successful. Of course, if it fails in Phase III, this stock will be down to $5 or less. However, based on all the clinical data we have seen so far, I think that probability of success - or let's better say approval - is way above 50%.

Harry
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