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Biotech / Medical : Immunomedics (IMMU)

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To: Christopher Moylen who wrote (73)12/16/1996 12:32:00 PM
From: WWS   of 371
 
I am a shareholder of IMMU. But I consider IMMU to be "fully valued" at its present stock price. Actually, it is total market capitalization that is the critical factor, not stock price. There are over 30 million shares of IMMU, and these give IMMU a total capitalization of over $200 million. If you compare market cap with annual revenues you'll see that there are few biotechs with total market cap nearly 1/4 billion dollars that have negligible annual revenues, IMMU being one of the few. Pure and simple, what will elevate IMMU's present value is earnings (or at least increasing revenues). If IMMU's products begin to sell during the next year or so, then we'll see the stock respond. But I honestly don't think that there is much speculative (as opposed to earnings driven) upside potential left in IMMU at this time.
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