Abgenix price target raised to $22 by Jefferies

Abgenix, Inc. was maintained by Jefferies & Co. Inc. analyst Adam A. Walsh at a hold rating with a raised price target to $22 from $13 on news that the company would be acquired by Amgen Inc. for $2.2 billion in cash, or $22.50 per share, plus the assumption of $450 million in debt. Assuming cancer treatment panitumumab's commercial success, Amgen expects the deal to be $0.05 to $0.10 dilutive to adjusted earnings per share in fiscal years 2006 and 2007 and accretive. Shares of the Fremont, Calif., biopharmaceutical company were up $7.03, or 47.99%, at $21.68 on volume of 61,716,205 shares versus the three-month running average of 2,864,240 shares.

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