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Needham Keeps Underperform on Atherogenics


Needham reiterated its underperform rating on Atherogenics (AGIX), saying it's not impressed by recent Phase 2B data.

Analyst Mark Monane says he questions the quality of data and interim, subgroup analysis in the company's Phase 2b trial of AGI-1067 anti-inflammatory agent. He says the data suggest the drug is biologically active, but gives him no added confidence in Phase 3 trial currently underway. He does not understand why full "intention to treat" data were not available in Phase 2b trial. He notes analysis methodology is out of the ordinary, with data sets coming from two difference sites.

Monane thinks the analysis applied to date do not support the stock's current valuation. He sees $1.82 2004 loss per share and $1.77 2005 loss.


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