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Biotech / Medical : EntreMed (ENMD) -- Ignore unavailable to you. Want to Upgrade?

To: dwight martin who wrote (746)	5/6/1998 1:22:00 AM
From: Bottom_Dweller	Respond to of 2135

The Motley Fool - May 05, 1998 17:43 -------------------------------------------------------------------------------- May 5, 1998/FOOLWIRE/ -- EntreMed Inc. (Nasdaq: ENMD) dropped $8 11/16 to $43 1/8 after several brokerages downgraded the biopharmaceutical company's stock after it more than quadrupled in price yesterday on no new news. The data regarding the company's potential cancer drugs had already been published in the journal Nature last November (and the stock rose 28%), but exposure to the wider audience of the New York Times prompted a cancer-killing frenzy. Today, Lehman Brothers cut its rating to "neutral" from "venture," citing that the prospective drugs haven't even been tested on humans and "media frenzy has caused the stock to rise beyond our estimation of fair value." However, Lehman did raise its 12-month target price for EntreMed to $25 from $18. Dubbing yesterday's run-up "irrational exuberance," SBC Warburg Dillon Read also lowered its rating on EntreMed to "neutral" from "buy." SBC said clinical data on the drugs are unlikely before 2000, and FDA approval is unlikely before 2002. SBC's 12-month target price is $30. Even EntreMed executives are trying to quell rampant speculation that the drugs might cure cancer. "We don't use the C-word here," EntreMed CFO Nelson Campbell said, "We won't know until we are in human trials whether we have a drug." You heard it from the cows mouth above, also the news was a total rehash of what they published in November. It's kind of scarey that a new rehash with no new information could cause a stock to jump >300%. Kyle..