Millennium Pharmaceuticals Shares Rise; Cowen Analyst Expects Upbeat 1st-Quarter Velcade Sales NEW YORK (AP) -- Shares of Millennium Pharmaceuticals rose, while Cowen and Co. analyst Rachel McMinn expects sales of the company's key drug to rise. The stock rose 84 cents, or 6.3 percent, to close at $14.25 Tuesday. Shares have traded between $9.49 and $17.19 over the past 52 weeks. McMinn, in a note to investors, said sales of the blood-cancer treatment Velcade are likely tracking ahead of Wall Street expectations and she expects first-quarter sales of $77.4 million. Meanwhile, the company presented updates to its development pipeline during Cowen's annual health care conference, she noted. On Monday, the company said it plans to initiate a midstage brain-tumor treatment study on its MLNM0518 drug candidate in combination with Genentech during the second half of 2008. Also, it plans to move its cancer treatment candidate MLN8237 into a larger midstage study.
Tuesday, March 18, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment