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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: bob zagorin11/19/2004 4:06:09 PM
   of 3044
 
fwiw....

Street Chatter:
1. Millennium Pharmaceuticals (NASDAQ: MLNM) focuses on three disease targets -- cancer, inflammatory diseases, and
cardiovascular disorders. The security is headed lower again after being rejected by resistance at the 13.50 level. This region has
acted as both support and resistance on several occasions in the past. The shares have also broken back below their 10-day and 20-
day moving averages and are being pulled back toward their 20-week trendline at the 12 level. What's more, MLNM is trading below
its 10-month and 20-month moving averages (near 14). These long-term trendlines recently suffered a bearish cross, which often
signals further weakness for the stock.
Considering the security's lengthy downtrend, it comes as no surprise that investors are pessimistic toward the shares. The stock's
Schaeffer's put/call open interest ratio (SOIR) rest at 0.40 and is higher than 64 percent of all those taken over the 52 weeks. What's
more, short interest spiked 14 percent higher over the most recent reporting period to reach its highest level since January. However,
this accumulation of bearish bets is more than five times the stock's average daily trading volume and could supply the shares with
some short-covering support. Wall Street is firmly against the pharmaceutical concern, with 13 of the 17 analysts following MLMN
rating it a "hold."
Click the following link to see the Daily Chart of MLNM Since May 2004 With 10-Day and 10-Day Moving Averages:
schaeffersresearch.com
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