ImmunoGen Inc (IMGN)

[skitahoe]

I spoke with a Schwab broker who simply stated that they determined the company was too volatile, and they had the right to do it. It should be illegal, but isn't. If they didn't intend to cause the stock price to drop precipitously, they could have notified investors of their intent, and done this in stages which would have permitted investors to plan a strategy for losing the margin coverage.

Fundamentally nothing has changed, trial results still look great. The peek at the Phase 3 trial appears to be coming next quarter, which is later than originally anticipated, this can only mean that people in the trial are living longer, or at least not progressing as quickly as forecast. I suspect that shortly after the news that the trial is progressing, the stock will again hit new highs. I feel sorry for the Schwab customer's who were forced to sell some of their stock because of the Schwab decision, but I suspect that many others also sold on the downturn created by it, and the Institutions were happy to purchase lower priced shares, and probably participated in helping to bring it down.

We all recognize that individual investors are at the mercy of those who manipulate the market. This was probably one of the clearest cases of watching them at work.

Gary