EntreMed! EntreMed!! EntreMed!!! This was a massacre only a stock market could love. On Monday you will recall, after having closed Friday at 12 1/16, the stock opened at 82, went to 84, then to 40 3/4, and closed at 51 13/16 up 39 3/4. Yesterday and today, stories started coming in that similar drugs that starved tumors of their blood supply were undergoing clinical trials already, whereas EntreMed's clinical trials are 12-18 months away. In fact, the Jonsson Comprehensive Cancer Center at UCLA has been in Phase I trials since September, 1997. On top of that, a stock I own, Agouron Pharmaceuticals, announced yesterday the initiation of Phase II/III trials

As if those stories weren't enough of a ball-breaker, the Nobel prize recipient who allegedly compared EntreMed's chief scientist with Charles Darwin regarding the world impact of their work, says he was misquoted and in effect said no such thing. The market took due note of all this and administered an old-fashioned spanking to good old ENMD. Yesterday it closed at 43 1/8 down 8 11/16, and today it closed at 31 1/8 down 12.

Gee, isn't it great to own a piece of corporate America? Not like this it isn't. I thought it would take quite a few months to let the gas out of this baby, but I guess the market does what it wants. It always does. Anyway, I'm still keeping it on my radar screen, as they may have the best method for starving tumors of blood supply, Remember this incident and it will save you a lot of money over time. In the meantime I'll try to let you know when it might be time to take your initial position. Stay tuned,

The Market Pro - May 6, 1998