MEDX ... anybody following? Message Board

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Biotech / Medical : MEDX ... anybody following?

MEDX 31.23

+0.3%

3:05 PM EDT

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From: tom pope	7/16/2009 9:42:36 AM
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Lifted from the Yahoo board Medarex Inc. Investment Thesis We believe that Medarex’s lead product (ipilimumab—a fully human monoclonal antibody for the treatment of metastatic melanoma) has significant potential in a very difficult disease indication. Although there is still risk around this product, we believe that at current levels, Medarex’s share price is appropriately valued and rate the shares as Neutral. ?? Final proof of concept results from the Phase 2 ulcerative colitis trial (2H09). Following a recent DMC interim analysis, MEDX will complete the trial as planned. We expect the company will announce top-line results from this trial in the second half of this year. ?? Ipilimumab nears the end-game in melanoma...other cancers to follow. 2009 becomes a pivotal year for assessing the potential of ipilimumab in metastatic melanoma with top-line OS data expected in 4Q09. We believe the data from earlier studies suggest there is a reasonable likelihood the data will be positive on this measure. Ipilimumab is also being evaluated in adjuvant melanoma, lung cancer and a prostate cancer trial is expected to initiate in 2009. Valuation and Rating We utilize a risk-adjusted NPV sum-of-the-parts model as we believe this better reflects the cash requirements for the development of each product. Additionally, we are downgrading shares of MEDX to Neutral from Buy (and raising our price target from $8.25 to $8.75) as we believe the company’s risk/reward profile is balanced.

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