Millennium drops arthritis drug after fails trial
Wed Nov 28, 2007 2:27pm EST
BOSTON, Nov. 28 (Reuters) - Millennium Pharmaceuticals Inc (MLNM.O: Quote, Profile, Research) said on Wednesday it is dropping development of its experimental drug for rheumatoid arthritis.
Millennium told investors at a conference that it dropped the drug, MLN3897, after a clinical trial did not meet the predetermined endpoint for moving ahead.
[I don't think that is why the share price lost some cents today. And I don't think this is correct either]
Millennium Pharmaceuticals (MLNM) NewsBite - MLNM Drops on Insider Trading
Posted on Wednesday, November 28, 2007 2:22 PM
Millennium Pharmaceuticals Inc. (MLNM) opened at 15.70. So far today, the stock has hit a low of 14.90 and a high of 15.77. MLNM is now trading at 15.32, down 0.24 (-1.53%). The stock hit its 52 week high of 15.77 today and set its 52 week low of 9.49 in August. MLNM fell through the first half of 2007, but has moved to the upside since September. A quick look over insider trading shows that insiders have sold almost $4 million worth of holdings in Millennium over the last three months, with no buying activity, indicating that we could see some additional weakness ahead. Technical indicators for the stock are bullish and steady while S&P gives MLNM a negative 2 STARS (out of 5) sell rating. If you’re looking for a hedged trade on this stock, consider a January bear-call credit spread above the $17.50 level. MLNM stock could rise up to 14.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]
[As we all know Mark Levin has been selling for ages. He holds a lot of shares and he just lets them trickle out of his account. This could go on for years. It is not indicative of anything but the fact that Levin wants his money. He still has over 2,7 million shares to get rid of]. |
