Merrill neutral on Millennium's MLN1202

Merrill Lynch analyst Thomas McGahren said Millennium Pharmaceuticals, Inc. announced positive top-line data from a phase 2 trial of MLN1202, an anti-CCR2 receptor antibody, in patients at high risk for atherosclerosis. MLN1202 met its primary endpoint of reducing the level of C-Reactive Protein. Reducing CRP may lower risk of cardiovascular events, but actual clinical benefit from MLN1202 is unclear at this early stage. While the early data is encouraging, the antibody does not fit with Millennium's strategic focus on oncology; thus, Merrill Lynch would not expect the company to commercialize it on its own. Shares of the company were up 42 cents, or 5.16%, at $8.56 on volume of 8,282,491 shares. Three-month running averages were at 3,918,250. (NASDAQ: MLNM)

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