Millennium Pharmaceuticals downgraded to "neutral"

04/11/08 - Robert W. Baird

NEW YORK, April 11 (newratings.com) - Analysts at Robert W Baird downgrade Millennium Pharmaceuticals Inc (MLNM) from "outperform" to "neutral." The target price is set to $25.

In a research note published this morning, the analysts mention that the company has agreed to be acquired by Takeda for $25 per share in an all-cash tender offer. Millennium Pharmaceuticals’ stock has rallied significantly since the deal was announced, and there is limited upside to the company's share price now, the analysts say.