Millennium raised to market perform by JMP

JMP Securities analyst Charles C. Duncan upgraded Millennium Pharmaceuticals, Inc. to market perform from market underperform after the company announced its decision to not increase its bid for AnorMED. According to the analyst, this was the best decision given AnorMED's high valuation and ensuing bidding war with Genzyme Corp. However, Duncan believes Millennium still needs to bolster its product pipeline and will likely be acquisitive over the next six months. Shares of the Cambridge, Mass.-based pharmaceutical company were up 39 cents, or 3.81%, at $10.62. (Nasdaq: MLNM)

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