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Biotech / Medical : MEDX ... anybody following?

MEDX 31.84

+0.8%

Nov 10 3:26 PM EST

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From: Icebrg	11/30/2006 3:47:32 PM
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Upgrades Gives Medarex a Shot in the Arm Thursday November 30, 2:19 pm ET Medrex Shares Boosted After Morgan Stanley Upgrades on Outlook for Skin Cancer Drug NEW YORK (AP) -- Shares of Medarex Inc. jumped Thursday after Morgan Stanley gave a vote of confidence to the company's developing cancer treatment for melanoma -- skin cancer. Analyst Sapna Srivastava boosted the stock to "Overweight" from "Equal Weight" and its price target to $22 from $17, expecting late-stage second-line therapy trials for Medarex's anti-CTLA-4 drug ipilimumab as well as Pfizer Inc.'s ticilimumab, to show positive results. Medarex shares rose 97 cents, or 7.7 percent, to $13.58 in afternoon trading on the Nasdaq. "There is a potential for 10 percent to 32 percent upside above our new price target if these drugs work and the market is bigger than predicted," Srivatava said. The analyst thought the stock could do even better if ipilimumab turns out to be the market leader, though ticilimumab is forecast to become the front-runner. Srivastava pointed out there is no effective second-line treatment for melanoma currently available. A key concern is side effects, which include symptoms similar to those of autoimmune diseases. "Although we are increasingly confident that physicians are becoming much more adept at handling the most common side effects of this class, it could still pose an issue," she said. Late-stage clinical trial data for ipilimumab are expected in the middle of next year. Medarex is developing the drug with Bristol-Myers Squibb.

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