Abgenix, Inc. (ABGX) Message Board

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Biotech / Medical : Abgenix, Inc. (ABGX)

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From: Icebrg	6/24/2005 2:15:35 PM
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Abgenix initiated with "sell" - update Friday, June 24, 2005 10:56:32 AM ET Wells Fargo Securities NEW YORK, June 24 (newratings.com) - Analyst Paul Keough of Wells Fargo Securities initiates coverage of Abgenix Inc (ABGX.NAS) with a "sell" rating. The target price is set to $4. In a research note published this morning, the analyst mentions that the company has entered into a partnership with Amgenon for the development of its lead antibody, panitumumab, for the treatment of colorectal cancer and non-small cell lung cancer. According to the analyst, panitumumab is likely to gain approval in the near term and enter the large colorectal cancer and non-small cell lung cancer market. Wells Fargo Securities expects Abgenix to launch panitumumab in the colorectal cancer market in 2006 and the company is likely to return to profitability in 2009.

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