Millennium cut to market underperform by JMP

JMP Securities analyst Charles C. Duncan downgraded Millennium Pharmaceuticals, Inc. to market underperform and an $8 price target. Millennium's acquisition of AnorMED raises several concerns as to the cost/benefit of the transaction, according to the analyst. While the company did need to bolster its product pipeline, Duncan questions the transaction valuation, the clinical risk and strategic fit of AnorMED's Mozobil, for stem cell transplantation. Shares of the Cambridge, Mass.-based pharmaceutical company were down 23 cents, or 2.27%, at $9.92. (Nasdaq: MLNM)

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