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

To: J Bertrand who wrote (218)	11/25/1997 4:03:00 PM
From: Paul Getman	Read Replies (1) \| Respond to of 305

Amerindo, State of Wisconsin, and T. Rowe Price, IMUL's three largest shareholders, had not changed their holdings this year, at least through the summer. You shouldn't expect IMUL's share price to plunge anymore from these levels since it's basically trading at cash. Share price = 2.50 * 20 million shares o/s = $50 million cash on hand. But that should also tell you what the market is valuing IMUL's research programs at: $0. Some may see this as a buying opportunity, but the press release was so skimpy on details and so lackluster in its tone that, in my opinion, IMUL will be sold for scrap value. There have been a couple of takeovers like this; the last one I remember was Ligand's takeover of (I think) Genta. I don't remember what Genta shareholders got, but it wasn't much above the current trading price. Paul