Needham & Company Assumes Coverage on Micromet (MITI) at Buy; Review and ASH Meeting Preview

Needham & Company assumes coverage on Micromet (NASDAQ: MITI) with a Buy. PT $10.00.

Needham analyst says, "The company reported 3Q11 financial results and provided a corporate update earlier this week. We believe most value is embedded in blinatumomab (B-cell cancers), although continued success with this and other partnered programs validates the company’s innovative BiTE technology platform. Micromet is initially pursuing development in relapsed/refractory Acute Lymphocytic Leukemia (ALL), an indication where blinatumomab may be able to gain accelerated approval due to unmet need. We believe commercial potential may reach up to $1B through expansion to other B-cell cancers, including NHL."

For an analyst ratings summary and ratings history on Micromet click here. For more ratings news on Micromet click here.

Shares of Micromet closed at $6.16 yesterday.

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