The Analysts Finally Begin to See the Light of Day

Some excerpts from an article by Adam Feuerstein on ImClone for TheStreet.com, Apr. 7, 2007 (all emphasis mine):

[. . .] I have had a love-hate [emphasis on the word “hate”—Rob] relationship with ImClone for years. I've done some of my best work on the stock and, sadly, some of my worst.

[. . .]I think ImClone has a very good stretch ahead of it.[. . .]

At next week's annual meeting of the American Association of Cancer Research, ImClone will be presenting positive survival data from a study of Erbitux in third-line colon cancer as well as positive data from a study combining Erbitux and chemotherapy in second-line colon cancer.

[At the ASCO meeting in June] we'll get more good Erbitux data, including first-line colon cancer data combining Erbitux and chemotherapy (the so-called Crystal study) as well as new and positive data on Erbitux in head-and-neck cancer.

[Referencing a Southwest Oncology Group trial, there is also] Erbitux data from a big pancreatic cancer trial any day.

[. . .] I also think some of the new colon cancer data we'll get in the next few months will help Erbitux gain share in the second-line colon cancer treatment market.

I don't think Erbitux is powerful enough, necessarily, to go after Genentech's (DNA) Avastin in front-line colon cancer, [I disagree.—Rob] but ImClone still wins if doctors see Erbitux as the go-to second-line drug for their colon cancer patients.

This stuff Feuerstein is now (mostly) saying is the stuff I've been preaching for a couple years now. Note the hallowed reverence with which Mr. Feuerstein still prostrates himself before the Avastin juggernaut. I guarantee that behind closed doors Genentech management is not taking a light view of Erbitux about now.