Immunex Message Board - Msg: 6577035

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Biotech / Medical : Immunex

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To: Anthony Wong who wrote (276)	11/26/1998 4:17:00 PM
From: Platter	of 656

2 downgrades...1)Montgomery downgraded IMNX on 11/23/98 from accumulate to hold 2) BT Alex Brown downgraded IMNX on 11/20/98 from Buy to market perform. Recent Reuters article excerpt - "Company spokesman Tim Warner said Immunex was unaware of any reason behind the spike in the company's stock price but said Wall Street was buzzing with excitement about its latest drug Enbrel, recently launched for the treatment of arthritis. But several analysts said the stock's sudden rise may have more to do with investors' speculation in biotech stocks which have performed well recently despite a choppy stock market. ''I think there is just rampant speculative investment in the biotech group at the moment,'' said Matthew Geller, an analyst at CIBC Oppenheimer. ''Investors are just playing sectors, there is no rationale for it, it's irrational throwing money at stocks and Immunex is one of those hot stocks...and it's a good way to lose,'' Geller said."

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