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MedImmune kept at outperform by RBC
RBC Capital Markets analyst Mark Schoenebaum maintained MedImmune Inc. at outperform with a $35 price target. The company said it plans to issue $1 billion in convertible debt. While the stock was down about 7% on heavy volume, RBC believes the Street could be overreacting. This could be an attractive entry point for investors. Shares of the Gaithersburg, Md.-based biotechnology company were down 32 cents, or 1.17%, at $26.92 on volume of 22,929,007 shares versus the three-month running average of 2,524,550 shares. (Nasdaq: MEDI)
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