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

To: TideGlider who wrote (154)	11/25/1997 11:00:00 PM
From: Charles Hill	Read Replies (2) \| Respond to of 656

The source of the Montgomery downgrade has now been revealed....a couple of letters to the editor of the Nov 20th edition of the New England Journal of Medicine raise some technical questions about the efficacy of the Phase II clinical trials on Enbrel (that's right, phase II results, not the recently released phase III results). The authors of the study also repond to these criticisms. You can get the full scoop at www.nejm.org. The first letter questions whether the phase II study was really "blind" given that some injection site infections developed in patients recieving Enbrel who, therefore, must have been able to figure out before the trial finished that they were getting the drug (as must have their doctors).This is a somewhat convoluted and misleading criticism (it's of a Catch 22 nature), and is quickly dismissed by the authors of the phase II trials. Nevertheless, it seems to form the basis of the Montgomery analyst's assertion that the trials were incorrectly designed. One should note that Immunex's trials were designed in consulation with the FDA, so I doubt that this criticism will go far.

To: TideGlider who wrote (154)	11/26/1997 2:33:00 AM
From: Bob Swift	Read Replies (1) \| Respond to of 656

Don't worry TG, I am not going to sue you if I lose my shirts as long as you give me half of my $ back. Seriously, I let go of my 9K shares with great reluctance the first day some analyst cried WOLVES. I have been wanting to get back in ever since but am still waiting for things to settle down. I don't want to repeat the same mistake of averaging down on CYMI and CNTO. YES, although the stories of CNTO and CYMI are just as compelling , IMNX somehow showed much more resistance to downward pressure. Could be the mood of the market or the different mentality of the investors in this stock. I am not willing to go in at this point because of the concern that there may be others waiting to bail out before year end when the price is right (get even). May be I will buy 1K at a time to average in.