Merrill reiterates ImClone at sell

ImClone Systems Inc. was reiterated by Merrill Lynch analyst Eric Ende at sell after the company's chairman, David Kies, and director, William Crouse, resigned. The resignations are irrelevant to ImClone's fair value and do not improve the outlook for Erbitux, according to the analyst. While a company offered $36 per share for ImClone in August, Merrill believes the fundamental valuation of ImClone has gone down and estimates that ImClone is now worth a maximum of $26.50. Shares of the New York City-based biopharmaceutical company were up $1.19, or 3.98%, at $31.09. (Nasdaq: IMCL)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.