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Biotech / Medical : Abgenix, Inc. (ABGX)

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To: Henry Niman who started this subject	1/7/2004 1:28:12 PM
From: JMarcus	Read Replies (1) of 590

Abgenix Seen As Undervalued Forbes Staff , 01.07.04, 11:47 AM ET NEW YORK - Abgenix (nasdaq: ABGX - news - people ) shares moved higher after Merrill Lynch upgraded the biotech to "buy" from "neutral" and set a price target of $17. According to Merrill Lynch, Abgenix is undervalued and appears likely to benefit from positive near- and intermediate-term news. The company's ABX-EGF compound, a proposed treatment for colorectal cancer that is being jointly developed with Amgen (nasdaq: AMGN - news - people ), is scheduled to begin a late-stage trial in the first quarter and the news could be good, according to the research firm. Merrill said the company also could benefit tangentially if competitor ImClone's (nasdaq: IMCL - news - people ) similar Erbitux rectal cancer drug is approved by the U.S. Food and Drug Administration and launched in the first quarter. In addition, Merrill Lynch predicted that upcoming news about Abgenix's non-cancer projects should expand investor interest in the company. Abgenix shares are up $1.14 at $13.84.

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