What, you're thinking MEDI will now run the low dose trials of MEDI-507 suggested by the work of Dumont et. al.? If I see any flying pigs, I'll buy some BTRNQ.
Vitaxin looked iffy for inflammation; I'd bought into AMEV mostly for Numax, and for Vitaxin's possibilities in cancer (I just have trouble buying into the idea that one drug is going to work in psoriasis and cancer). This Forbes article out today, citing a Prudential analyst, sums up the Vitaxin situation -- and MEDI's -- succinctly:
>>MedImmune's Vitaxin Still Has Upside
08.30.04, 3:49 PM ET
Prudential Equity Group maintained its "overweight" rating for MedImmune (nasdaq: MEDI - news - people ) after the biotechnology company announced the termination of Phase II tests for its Vitaxin drug for the treatment of rheumatoid arthritis and psoriasis, and said the drug may still see positive implications as a cancer treatment. "Overall, Vitaxin represents potential upside to our current model, which does not include projections for any new product launches other than CAIV-T," it said. "We reiterate our Overweight recommendation on MedImmune shares, anticipating better visibility for the late-stage pipeline in 2005 and solid adjusted earnings growth of 27% compounded for the period 2004 to 2007." The research firm, which also maintained a $32 price target, said it expected Vitaxin Phase II results for melanoma later this year and Phase II prostate cancer results in 2005. Prudential noted that MedImmune has four or more Phase III candidates for 2005, which include CAIV-T, a refrigerator-stable form of the company's FluMist vaccine. Prudential said shares are "undervalued" in the low $20s based on the value of MedImmune's profitable franchise for Synagis, a treatment for viral respiratory infections. "If we were only to look at MedImmune's Synagis franchise value at half the average multiple of sales plus MedImmune's cash position would yield $5.8 billion, or roughly $22 per share, without consideration for value in the product pipeline," Prudential said.<<
Cheers, Tuck |
