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Biotech / Medical : IMNR - Immune Response -- Ignore unavailable to you. Want to Upgrade?

To: Robert Knight who wrote (737)	7/2/1998 11:25:00 AM
From: Brian Thomas Hertzog	Read Replies (1) \| Respond to of 1510

Robert, Can you see farther out? If their are large offers at 14 or large bids a 13, currently are there any major resistance points? And thirdly, is Dain Rauscher (DAIN) on your screen?

To: Robert Knight who wrote (737)	7/2/1998 11:40:00 AM
From: AHM	Read Replies (1) \| Respond to of 1510

It is totally naive to think that market makers are driving IMNR into the ground. Who in their right mind would continue to sell short in a steadily declining market at this price level (13 1/2 bid at the moment)?? Just how do you think markets function? You (and others who share your opinion) choose to disregard that market makers respond to institutional and retail supply and demand volumes and the prices at which buyers and sellers are willing to trade. The simple truth is, as I have posted before, there is a large volume of shares being released at these levels by sellers who do not believe that the news currently available from Geneva or forthcoming tomorrow will have a major influence on IMNR's price. Buyers who disagree are taking advantage of these depressed prices and are not applying pressure with significant volume increases which will raise the price before their appetites are satisfied. Since market maker traders are assigned a certain amount of capital for each security in which they make a market they are expected to make a return on this capital through spreads (between bid and ask) on turnover. If they can add to their profits through the maintenance of inventories (long or short) all to the better. But they still must live within their allocation of capital for the specific issues they trade. Market maker traders cannot completely control a market with thousands of shareholders who can buy or sell whenever they decide to do so. The latest information I have is that only 35 institutions control 4.845 million shares (35%) and insiders control 2,834 million share (15%) OF 22.869 million outstanding. That leaves 15 million shares in the hands of the investing public - who are the ones who have ultimate control - far greater than it is possible for any market maker to control with capital that is allocated to this one issue.