BioCentury
ARTICLE | Finance

Ebb & Flow

November 1, 2004 8:00 AM UTC

Although investors and analysts always push for more transparency, it's no guarantee that they'll like what they see when the veil parts. Such was the case with ImClone (IMCL) last week. The company provided relatively detailed guidance in its third quarter conference call on Thursday, and ended the week down $5.53 (11%) at $43.80.

Indeed, several analysts downgraded or reduced their price targets on the stock following the call (see "Analyst Picks & Changes," A16).Although IMCL's third quarter EPS of $0.45 beat the consensus estimate of $0.33 by $0.12, there were concerns about the company's higher than expected tax rate and IMCL's announcement that it formed a sales force. ...