analysts and calls -- Morgan Stanley Message Board

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Biotech / Medical : analysts and calls -- Morgan Stanley

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To: Icebrg who wrote (20)	6/5/2003 8:42:31 PM
From: Icebrg	Read Replies (3) of 31

On May 14, Morgan Stanley's analyst Steven Harr said the following about Millennium 3:04 pm Millennium Pharm reiterated Underweight at Morgan Stanley (MLNM) 14.29 +1.80: -- Update -- Although firm expects good news for Velcade to continue the near-term positive momentum in the stock, believes co faces a number of issues including declining collaborative revs and cash burn. Finds it difficult to justify co's $4 bln + valuation, and believes fair value is closer to $9-$10. Today he was asked by Forbes what he thought about the company following MLNM's restructuring call. He is still not happy, it seems: Some stock analysts, who have been skeptical that the company can become profitable on the back of its multiple myeloma drug Velcade without trimming fat, cheered the move. "It's painful medicine that needs to be done," says Steven Harr, a biotechnology analyst at Morgan Stanley. He forecasts Velcade sales of $500 million in about five years. Harr does not own shares, and his firm has not done banking with Millennium in the past 12 months. Millennium shares rose 5.8% to $17.08. Message 19007265 The share price is still moving in the wrong direction for Harr. (He might of course have sneaked in a revision without anyone noting). But facts still remain. MLNM's share price is now within striking distance of two times his target price range of 9-10 USD from mid-May. That was about three weeks ago. I wonder if he enjoyed the ASCO presentation. Erik

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