Immunex Corp. (IMNX)
Dillon, Read analyst Michael King initiated coverage with an "outperform" rating, based on his positive expectations for today's scheduled FDA advisory panel review of an expanded label for Leukine GM-CSF. He said IMNX shares, which closed at $17.625 on Friday, have a fair value of $22, and he has a 12-month target of $24. The downside is $13, he said.