He released a report on March 3, recommending a short at 21. ENMD has risen steadily since then at no point breaking below 20, until today it hit 34.75, a gain of 65%.
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Message 8153492
PACIFIC INVESTIGATIONS RATES ENMD AN IMMEDIATE SELL/SHORT!
March 3, 1999
To All Business Editors
FOR IMMEDIATE RELEASE
SAN DIEGO, CA
"PACIFIC INVESTIGATIONS RATES ENMD AN IMMEDIATE SELL/SHORT!
Pacific Investigations lead corporate and equity analyst, Anthony Elgindy, initiates coverage on ENTREMED symbol "ENMD" with an IMMEDIATE SELL/SHORT RECOMMENDATION!" @ 21 PLUS
In a tape-recorded interview this morning with Entremed employees, Pacific Investigations has learned that the wording in yesterdays press release was intentionally misleading… Covance was contracted by ENMD to produce Angiostatin and Endostatin FOR ENMD and did not replace Bristol Myers, in their Role as was alluded to in the press release Covance is not a partner nor is COVANCE participating in bearing any of the costs of these two compounds..
This was a simply a contract initiated by ENMD and Covance has no participation in the ultimate use or lack of use of these Compounds..
It is clear to the investigators at Pacific that there is no economical viability for these compound and no revenues will be realized for at least 3 to 5 years from this point, and as such all these press releases and the various articles by ENMD are premature at best and self promotional to say the least..
ENMD is expected to have mounting losses and without Bristol Myers it is becoming clear that not only is ENMD grossly overvalued but may actually never have any economic value whatsoever!
We currently believe shareholders of ENMD should sell their shares and we are also recommending the sale of ENMD shares short.
Pacific Investigations, it's officers, employees or customers may have a long or short position and this position can and does change without prior notice.
Pacific Investigations
2611 South Highway 101
Suite 100
Cardiff by the Sea, California
Contact: Anthony Elgindy
619-756-5375
619-756-5381 FAX |
