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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (2941)	10/12/2007 6:54:34 PM
From: MJ	Read Replies (1) \| Respond to of 3044

Was in MLNM several years ago and just didn't feel comfortable with the stock. Perhaps this is the time to be re-entering. Thanks for the update. mj

To: Icebrg who wrote (2941)	10/12/2007 7:57:19 PM
From: Ian@SI	Respond to of 3044

Barron's summary of the same report... A New Era for Millennium Pharmaceuticals Millennium Pharmaceuticals (MLMN: Nasdaq) By R.W. Baird ($10.69, Oct. 12, 2007) WE ARE UPGRADING SHARES to Outperform [from Neutral] with a new $14 price target [from $11]. After roughly three-and-a-half years on the sidelines, we are once again buyers of Millennium shares. With low expectations for Millennium generally and [oncology drug] Velcade specifically, combined with what we see as numerous positive market signals and near-term data events, we like the opportunity for upside surprise. We are buyers for the quarter, for the American Society of Hematology meeting in December and also for downstream pipeline visibility in coming quarters. Acknowledging that Velcade has stagnated since 2006, we think the drug is finally primed for reacceleration for two key reasons: First, we think Velcade may be experiencing some underappreciated near-term momentum. Velcade's mantle cell lymphoma approval, Doxil-combination approval and Johnson & Johnson co-promotion all have taken place in the last few quarters, but have yet to manifest discernibly in the numbers. In addition, our most recent hematologist/oncologist survey indicates Velcade is making steady and solid gains in front-line multiple myeloma. Seventeen percent of physicians now highlight Velcade as the most preferred front-line multiple myeloma (MM) agent. [mlnm] As such, we like Velcade's chances of beating third-quarter 2007 consensus revenue ($65.6 million). We are raising our third-quarter 2007 estimate (to $66.7 million) and fiscal 2007 estimate (to $258 million). Second, we think front-line MM use will accelerate further after the American Society of Hematology meeting from Dec 7 to Dec. 11, when Velcade's two front-line MM Phase III trials (Vista and IFM) are presented. Concurrently, we think investors have largely written off what is still a robust pipeline. Key Phase II data in coming quarters from MLN3897 (CCR1 inhibitor for rheumatoid arthritis) and MLN0002 (alpha 4 beta 7 antibody for ulcerative colitis) may change that perception. We have also revisited our model and now project earnings per share of 10 cents, 19 cents, 36 cents and 43 cents for 2007-2010, respectively. Staying consistent with our valuation methodology (45 times estimated 2009 EPS, discounted back by 15% per year), we derive a new price target of $14. -- Christopher J. Raymond