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Biotech / Medical : Progenitor (PGEN)
PGEN 4.065+0.6%3:16 PM EDT
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To: Furniture Man who wrote (89)5/19/1998 11:32:00 AM
From: Czechsinthemail  Read Replies (1) of 106
 
I saw that Lehman had downgraded PGEN from Venture Buy to Venture Outperform and lowered their price target to 5. It may be a big deal, because Lehman was one of their biggest boosters. They mentioned the company's cash crunch and PGEN's need to come up with collaborations to raise new funds. Lehman also revised their estimates on royalties from collaborations from 2% to 1%.
I haven't had a chance to read the full report.
Baird
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