Immunex Corp. was added Thursday to the recommended stock"buy" list of Wertheim Schroder & Co. -- the first suchappearance by a biotechnology company at the investmentfirm, which recently hired an analyst to cover the industry.
Analyst Jay B. Silverman in New York said he feels thatImmunex's mix of products now in clinical trials could deliver"substantial sales and earnings beginning in 1995." Meanwhile,he held firm to a forecast of an 80-cent-per-share loss for thisyear, improving to a 54-cent loss in 1993.
Calling the Seattle company undervalued by the market,Silverman predicted that investors will shift their focus fromdisappointing recent sales of Immunex's Leukine drug to thecompany's pipeline of products. Silverman thinks cytokines,cytokine inhibitors and innovative fusion proteins have thelargest commercial potential during this decade, and Immunex,unlike other companies, is working in all three.
He raised his rating to buy from "attractive" and set a one-yeartarget price for Immunex stock of $60 to $65 a share. Immunex(NASDAQ:IMNX) gained $1.38 a share Thursday, closing at$32.75.
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