Abgenix, Inc. (ABGX) Message Board

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Biotech / Medical : Abgenix, Inc. (ABGX)

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To: Icebrg who wrote (220)	6/4/2003 2:18:19 AM
From: Icebrg	Read Replies (1) of 590

Abgenix falls on analyst downgrade Shares of Abgenix Inc. have lost 17 percent since a Wall Street analyst downgraded the Fremont biotech Monday morning. On Tuesday, Abgenix closed down 86 cents at $8.85 - a drop of nearly 9 percent. The company had lost nearly 9 percent the previous day after Patrick Flanigan at Adams, Harkness & Hill cut his rating on Abgenix stock to "market perform" from "buy." The downgrade was spurred by an update given at the 39th Annual Meeting of the American Society of Clinical Oncology, or ASCO, of the company's experimental cancer therapy known as ABX-EGF. The company said the drug has produced encouraging results in mid-stage testing. But Flanigan said he doesn't expect it reach the market until 2006, thereby pushing Abgenix's profitability back to 2008. "We do not foresee any additional catalysts that will lead the stock to outperform the group in the next six months," Flanigan wrote in a note to clients. eastbay.bizjournals.com

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