Howard,
I have no doubt that Immunex has some top scientists, and their products, such as recombinant IL-2, is used in oncology. My previous mentor's experience has soured my view somewhat, and I am in an institution where scientific conduct is upheld at the highest level and all our work is scrutinized. If we scientists don't police our own ranks, someone else will do it for us and it will not be pleasant.
In an investment point of view, Immunex has not done too well for a "mature" biotech company with products on the market. This is especially true for a company with a sugar daddy supplying cash. Three years ago, this stock was trading at $20, when my Amgen shares were worth $35. Amgen has split 2 for 1 since and is now trading at $58. Immunex? It is at around $14 the last time I looked. At a time when the whole biotech sector rallied tremendously, Immunex was left out. I guess not too many investors share your optimism in the company. It is also true that many scientists are very cautious when approached by Immunex scientists for scientific exchanges and collaborations. Compare that with an upright and open company such as DNAX. This will surely hurt their research efforts in the long run.
Adrian |
