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Biotech / Medical : Immunex -- Ignore unavailable to you. Want to Upgrade?

To: Larry Unger who wrote (124)	11/17/1997 1:34:00 PM
From: The Thrifty Investor	Read Replies (1) \| Respond to of 656

Larry, I spoke with Brian Hogan of NB Montgomery. Their research is proprietary and they will only release their report to clients. They only accept institutions and individuals with at least $5 million to invest as clients. However, when I asked him to give me qualitatively over the phone what the report stated, he responded with the following: They have a 1 year price target of $50. NB Montgoemry believes that the market has vastly overestimated the value of the drug Enbrel for Rheumatoid Arthritis and has not discounted the significant clinical, regulatory and marketplace risk. I was writing quickly so the above may not have been exactly word for word what was said but it is close. I have to admit that I dumped IMNX today because there are so many stocks out there that are good values right now without any sell recommendations. I've had a nice gain on IMNX while the rest of the market has tanked. I still think that Immunex has a bright future. However, this downgrade will likely weigh on the stock for a while. Best Regards, The Thrifty Investor