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URL:  https://boards.fool.com/6122006-23659-pm-sp-downgrades-shares-of-24224298.aspx

Subject:  Re: PDLI - Tinker and All Date:  6/13/2006  6:32 PM
Author:  TMoney2 Number:  27146 of 116518

6/12/2006- 2:36:59 PM S&P DOWNGRADES SHARES OF PROTEIN DESIGN LABS TO BUY FROM STRONG BUY (PDLI 18.13 ): We still think the company's royalty stream is worth more than the current market cap, but we are less positive on the pipeline and see a more cautious FDA adding risk. We believe royalty growth should stay strong, largely due to sales gains for several Genentech (DNA 79.7*****) drugs. In the pipeline, we are still positive on daclizumab and ularitide, but are now neutral on volociximab. Based on NPV analysis, we are lowering our 12-month target price to $30 from $35 on lower value for the pipeline and currently approved products. /F.DiLorenzo-CFA

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