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Subject:  Re: PDLI - Tinker and All Date:  6/13/2006  7:00 PM
Author:  TMFBreakerTinker Number:  27147 of 116518

funny downgrade. price target almost 2x current price. stock itself selling for less than value of royalties alone excluding Tysabri and Lucentis (however you spell that).

Meaning the broker downgraded when they expect a one year appreciation of 80 percent or so and that the stock is way undervalued on a fundamental basis.

Cause for concern.

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