Jim Cramer Blog

Shares of ImClone Systems Inc. dropped Friday after a Friedman Billings Ramsey analyst downgraded the stock and reversed a recent price target increase, saying experts told him they will probably not use the company's Erbitux to treat most cases of lung cancer.

ImClone shares rocketed 18.4 percent Tuesday after the biotechnology company, along with Bristol-Myers Squibb Co., said a late-stage study showed Erbitux improved survival in non-small cell lung cancer.
ImClone and Bristol-Myers plan to release data from the trial at a future medical conference.
Analyst Jim Reddoch slashed his price target to $45 per share from $64, and lowered his rating to "Market Perform" from "Outperform." After Tuesday's news, Reddoch raised his price target from $50.

Labels: IMCL, Imclone Systems Inc.