ImClone (IMCL) October implied volatility above average prior to Erbitux Patent Loss
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ImClone (Nasdaq: IMCL) : IMCL is trading at $26.99 in pre-opening trading, below its close of $30.52. U.S. District Judge Naomi Reice Buchwald ruled three scientists from Weizmann Institute represented by Yeda are the true inventors of a process used in the delivery of IMCL's cancer drug, Erbitux (frontline treatment for head & neck cancer). MSCO say's "patent to Yeda is worse than our expectation of joint ownership, and while the appellate process likely delays any financial impact by several years, we expect the setback will lead to: 1) an easier path forward for AMGN." IMCL October option implied volatility of 54 was above its 6-month average of 41 according to Track Data, indicating increased price fluctuations. Paul Foster
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