NTII - Miscellaneous Message Board

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Biotech / Medical : NTII - Miscellaneous

NTII 0.0001000

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Mar 7 3:00 PM EST

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From: John McCarthy	1/15/2005 3:25:09 PM
	of 1296

2005 - Jan 14th LGND In our view, that discount reflects the expectation, as we have warned, that the company is likely to miss the consensus fourth quarter 2004 estimate. It also implies limited value for the possibility that Targretin might succeed. We would expect the stock to rise dramatically on positive trial results, as Targretin would be positioned for front-line treatment of non-small-cell-lung cancer, generally perceived as a $500 million to $1 billion market. As recent quarters have demonstrated, the stock could decline sharply in response to a serious earnings disappointment, but we would expect investors to use a drop as an opportunity to buy the Targretin "lottery ticket" inexpensively. Considering the time compression -- both events likely in March -- we would expect a drop and recovery to follow each other quickly. Our price-target rises to $13 from $8.50, based on a sum-of-the-parts analysis: $10 for the specialty pharmaceuticals and $3 for Targretin. siliconinvestor.com

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