There have been some positive developments since the mini-crash in March. First, HMR sold all its shares, reducing a significant overhang of stock on the market. Second, Amerindo Investment Advisors of SF bought a big chunk of IMUL on the open market, lifting their ownership to 16.9% of the company. Many of us took that as a large vote of confidence in IMUL's technology. Also, several security analysts have maintained their buy recommendations on the stock (although one, Morgan Stanley, lowered his). The stock was also somewhat oversold, IMO, and I believe some bargain hunters moved in. Even though it no longer has a partner for allergies, IMUL does have two drugs in Phase III trials and about $80M in cash, so a market value of only $260M ($13/share * 20M shares) even at today's prices still seems quite low.
Next big news will be in June when the Phase III results for Allervax Cat come in.
Paul |
