Has The Street Misdiagnosed Immunex?

Although Immunex thinks it scored a giant victory in March when the Food & Drug Administration approved the marketing of its first product, GM-CSF, investors didn't quite see it that way. Immunex's stock began to head south--slumping from 59 to 43 on July 9. Some big players worry that the new bio-engineered drug, trademarked as Leukine, won't be able to compete with a widely used Amgen product. But not everyone shares their concern: Investment manager Bill Harnisch has been buying, building up a 12% stake in Immunex recently.

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