Prudential starts biotech coverage
NEW YORK, Feb 21 (Reuters) - Prudential Securities said on
Thursday that it started coverage on several biotechnology firms, including a "sell" rating on Myriad Genetics Inc. .
Analyst Christopher Raymond placed "buy" ratings on Abgenix Inc. , Medarex Inc. , Millennium Pharmaceuticals Inc. and Celera Genomics Group . He assigned a "hold"
rating to Tularik Inc. and Human Genome Sciences Inc.
.
His price targets for the companies are: Abgenix, $50; Medarex, $25; Millennium, $38; Celera, $33; Tularik, $22; Human Genome, $28; and Myriad, $25.
Raymond cited what he feels is "significant commercial,
collaborative and clinical risk" at Myriad during the coming quarters. He said the company's genetic tests may not be the high-growth products investors are expecting.
Myriad shares tumbled $3.40, or 8.7 percent, to $35.59 in early Nasdaq trading. Abgenix shares rose 68 cents to $24.15, Medarex gained 28 cents to $15.18, Millenium increased 46 cents to $20.54, Celera rose 51 cents to $21.25, Tularik fell 11 cents to $19.08, and Human Genome gained 26 cents to $24.62. |
