Millennium Pharmaceuticals, Inc. (MLNM) Message Board

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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)

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From: Icebrg	11/3/2005 3:37:22 PM
	of 3044

Millennium Pharmaceuticals Shares Appear Fairly Valued Peter Kang, 11.03.05, 2:20 PM ET SG Cowen maintained a neutral opinion on Millennium Pharmaceuticals (nasdaq: MLNM - news - people ) after the Cambridge, Mass.-based biotech firm hosted a meeting with analysts yesterday. In a note to investors, analyst Phil Nadeau said the meeting revealed "few surprises" and said shares appear fairly valued. "We continue to be uncertain about its ability to grow revenue over the period in the face of new competition in the myeloma space," he said. The research analyst said the firm's 2006 outlook hinges on whether cancer drug Velcade will withstand competition from Revlimid, developed by Celgene (nasdaq: CELG - news - people ). Revlimid is expected to be approved by U.S. health regulators in the first quarter of 2006. "In order for Millennium's stock to work in 2006 we believe investors need to gain confidence that Velcade will weather Revlimid's competition well and continue to grow in multiple myeloma, that Velcade will be used widely in another indication, or that one of Millennium's pipeline programs is promising," said Nadeau. The analyst said he continues to advise against buying shares since upside remains limited for Velcade and Integrilin, a cancer drug licensed to Schering-Plough (nyse: SGP - news - people ). "Nonetheless, we acknowledge that the current stock price positions Millennium for outperformance should Velcade begin to look like a winner in an indication outside refractory myeloma, and we will watch for such an opportunity," Nadeau added. Velcade was approved by the Food and Drug Administration for multiple myeloma in May 2003. forbes.com

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