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Adams Harkness Cuts MedImmune to 'Market Perform'

Adams Harkness downgraded MedImmune (MEDI) to market perform.

Analyst Felicia Reed says as expected, the FDA approved MedImmune's FluMist intranasal flu vaccine for healthy people aged 5-50, putting it on track for a third-quarter launch. She expects FluMist sales to accelerate the slowing growth rate currently driven by MedImmune's Synagis drug.

However, Reed thinks FluMist sales will be lackluster until the populations most likely to benefit -- children under 5, high-risk adults and kids, and the elderly -- are included on the label. Moreover, she doesn't foresee additional catalysts that will drive the stock higher in the next six months.

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