You are correct Cowen and Co carried the book on the Ayer capital deal. That was in January. On Feb 16th this year Cowen intiated coverage and rated IMUC as neutral. On feb 16th the stock price was 1.88 on March 4th it was $2.37. Cowen also invited them to present at there investment conference in June. Obviously they missed the analyst call..but then again since they carried the book I suppose they also could not dare be a homer..neutral..is lame. I don't make anything out of the rating as a first call..even though they missed a slow fastball down the middle. The current range on all coverage is $4.50 to $8.50..They get a positive P2 and its a $40.00 stock..glta.