Friday, November 10, 2006

Rodman & Renshaw Bullish on Bioenvision (BIVN), Says Stock Does Not Reflect Clofarabine or Buyout

Rodman & Renshaw reiterated its positive stance on Bioenvision (Nasdaq: BIVN) in a research note titled: FISCAL 1Q07 UPDATE - BIG PHARMA/BIOTECH ON A BUYING SPREE - WHO'S NEXT?

Analyst Reni J. Benjamin said, "We are reiterating our Market Outperform / Speculative Risk rating and our 12-month target price of $12. With clofarabine on the market for pediatric ALL, a potential European filing in AML by year end, significant news flow highlighting strong clinical efficacy at upcoming conferences, and the initiation of a broad clinical program targeting large unmet needs, we believe the company’s current market valuation does not reflect the potential of clofarabine or the potential of the company as an acquisition target."

Note: Yesterday, Genentech (NYSE: DNA) announced a deal to buy Tanox Inc. (Nasdaq: TNOX) for $20 per share, a 46% premium to today's closing price. Another recent notable deal was Merck's (NYSE: MRK) deal to buy Sirna Therapeutics, Inc. (NASDAQ: RNAI), at a 100% premium.


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