Needham & Company Reiterates a 'Buy' on Micromet (MITI); Signs BiTE Agreement with Another Brand Name Collaborator with Robust Terms
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Price: $0.03 --0%
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Micromet (NASDAQ: MITI), PT $13.
Needham analyst says, "This morning, Micromet announced a new collaboration for its BiTE platform technology with Amgen (Nasdaq: AMGN) (N/R) focusing on three undisclosed solid tumor targets. This agreement includes an initial upfront payment of €10 million for the first antibody target: total milestones may reach €695 million plus double-digit royalties and development cost reimbursement (Amgen pays R&D costs)."
"We favor this agreement for three reasons: (1) the deal terms are robust, given our understanding that the programs represent new targets brought forth by Amgen and thus are in discovery research testing; (2) this agreement adds another brand name to Micromet’s list of collaborators, and (3) we note the focus on solid tumors, an area of major upside given Micromet’s promising data (75% CR rate in a Phase 2 trial of relapsed/refractory adult ALL patients as reported at the recent EHA Meeting) in liquid tumors."
For more ratings news on Micromet click here and for the rating history of Micromet click here.
Shares of Micromet closed at $5.76 yesterday.
Needham analyst says, "This morning, Micromet announced a new collaboration for its BiTE platform technology with Amgen (Nasdaq: AMGN) (N/R) focusing on three undisclosed solid tumor targets. This agreement includes an initial upfront payment of €10 million for the first antibody target: total milestones may reach €695 million plus double-digit royalties and development cost reimbursement (Amgen pays R&D costs)."
"We favor this agreement for three reasons: (1) the deal terms are robust, given our understanding that the programs represent new targets brought forth by Amgen and thus are in discovery research testing; (2) this agreement adds another brand name to Micromet’s list of collaborators, and (3) we note the focus on solid tumors, an area of major upside given Micromet’s promising data (75% CR rate in a Phase 2 trial of relapsed/refractory adult ALL patients as reported at the recent EHA Meeting) in liquid tumors."
For more ratings news on Micromet click here and for the rating history of Micromet click here.
Shares of Micromet closed at $5.76 yesterday.
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