Analyst Eun Yang, also of Jefferies, initiated coverage of Medarex Inc., a biotechnology company, with a "Hold" rating. Yang said the company has a large pipeline of drug candidates and its Ultimab human antibody technology is promising, but for now, the stock should remain near its current price.
Yang set a price target of $14 per share, below Tuesday's closing price of $14.73.
She expects tremelimumab, a melanoma drug Pfizer Inc. developed with Medarex technology, to be approved early next year [?]. Medarex's own melanoma drug, ipilimumab, should be approved in the first half of 2009 [?].
Large pharmaceutical and biotechnology companies are showing interest in antibody drugs, she said, which could make Medarex a buyout target.
[I wonder what Yang knows, that we don't?]
Erik |
