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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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To: Robohogs who wrote (1687)7/1/2003 7:39:07 PM
From: SemiBull  Read Replies (1) of 3044
 
9:31AM MLNM upfront payment misleading -- Ryan Beck 13.83 -1.90: Ryan Beck believes investors may be disappointed with the relatively modest $15 mln upfront licensing fee. However, firm notes that this amount is somewhat misleading, as it believes that a significant portion of the $125 mln in potential milestones tied to the multiple myeloma indication is payable upon European approval --a highly likely event firm expects to take place in 1Q04. As such, firm considers the upfront portion of the agreement to be closer to $100 mln than $15 mln. Firm raising price target to $21 from $18 based on the inclusion of European Velcade royalties and a shorter discount period. Overall, firm believes that MLNM potentially passed up more lucrative near-term deals for this particular agreement, which likely will allow co to better maximize long-term value for shareholders and increase the likelihood of becoming a leading player in the biotech industry.

9:39AM Millennium Pharm holds on first test of support (MLNM) 13.96 -1.77: -- Update -- -- Technical -- Stock hit hard off the open but has held at the June low (13.73) and is attempting to work back above its 50 day averages (14/14.08).

finance.yahoo.com
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