Two biotechnology analysts issued recommendations Mondayon widely traded companies.
Vector Securities International Inc. of Deerfield, Ill.,downgraded its rating on Immunex Corp. of Seattle to "neutralfrom "buy," and Hambrecht & Quist repeated a "buy" rating onImmunoGen Inc. of Cambridge, Mass.
Vector said that though Immunex has outperformed Vector'sindex of biotechnology companies, the stock has reached its 12-month price target. Immunex (NASDAQ:IMNX) closed down 75cents a share on Monday at $44.75.
H&Q analyst Wole Fayemi said ImmunoGen is entering PhaseIII trials of its Oncolysin B product for treatment of leukemiaand lymphoma, and referred to "developments on other fronts"in making his recommendation. Shares in Immunogen wereunchanged Monday at $12.50.
Most biotechnology stocks fell in the first day of the week'strading. The CBOE Biotechnology Stock Index fell 2.86 points toclose at 131.75, and the AMEX Biotechnology Stock Index slid4.13 points, finishing at 143.99.
Especially hard hit were IG Laboratories Inc. (NASDAQ:IGLI),which fell $1.25 a share to close at $11.25, and LifeTechnologies Inc. (NASDAQ:LTEK), which lost $1.38 a share,closing at 17.75. Receptech Corp. (NASDAQ:RECP) bucked thetrend, rising $1.75 to end the day at $22.50.
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