Jefferies ups Abgenix price target to $13

Abgenix, Inc. was maintained by Jefferies & Co. Inc. analyst Adam A. Walsh at a hold rating with an increased price target of $13 from $10 after positive top-line results for Panitumumab's P3 408 trial were reported. Results indicated that the progression-free survival primary endpoint was met with a high degree of statistical significance. This news removes considerable risk from the company's regulatory strategy for the drug. Launch could come in mid-2006, Jefferies said. Shares of the Fremont, Calif.-based biopharmaceutical company were down $0.04, or 0.031%, at $12.86 on volume of 4,376,385 shares versus the three-month running average of 2,522,460 shares.

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